The Townsville Palms Lodge has been sold by the receivers and will be renamed as Airport Inn Townsville.
The lodge in Peel St with 30 units and seven cabins sold for around $1.5 million to a local investor and a new manager, motelier John Matthews, has been installed to run the Airport Inn Townsville. About $300,000 is to be spent on repairs and refurbishing the complex.
The existing restaurant would be turned into a gym for guests.
Colliers International Townsville agents James Pascoe and Steven McDonald were engaged by receivers BRI Ferrier to sell the property, calling expressions of interest earlier this year.