DevelopmentsManagementTourism

Landmark Queensland properties sell in pre-Christmas rush

Two of Queensland’s best-loved hotels have been snapped up by new antipodean owners.

The New Zealand-based Giarn family, which owns a portfolio of hotels across the ditch, has made its first foray into the Australian market with the $11 million Hotel Cairns in Far North Queensland.

The landmark property, which was bought by a Chinese investor for 8 million in 2014 when it’s then owners went into receivership, attracted multiple bids according to sales agents CBRE.

It encompasses three street frontages and 92 rooms and is close to the Cairns Esplanade Cairns Aquarium and the city’s new performing arts centre.

The hotel will operate under the Ramada brand and renamed the Ramada By Wyndham Cairns City Centre by its Kiwi owners.

CBRE’s Danny Betros said: “Cairns tourism has a strong and very diverse future and is rebounding from a slow start to 2019, which was due to weather events and a changing Chinese market.

“Brisbane’s new second runway is set to lead to an increase in overseas visitors, who will then make the short trip north to visit the Reef and rainforests, complementing direct international flights into Cairns.

“Cairns remains very much on the must-see list for travellers to Australia for easy access to the major attractions.”

Australian property stalwart the Lewis Land Group has meanwhile bought the famous Mon Komo Hotel at Redcliffe, north of Brisbane.

The Cabana Bar Terrace, Mon Komo Hotel. Image: tripadvisor.com.au

The multi-awarded Moreton Bay venue features facilities set across two floors including Cabana Bar + Kitchen, Seabrae Bar & Nightclub and Treasure Lounge. Its function and convention centre caters to events on a regular basis and its food and beverage offerings generated revenue in excess of $6.9 million in the 2018 financial year.

The accommodation offerings include 33 strata titled luxury short-stay apartments, representing almost half of the 76-apartment Oaks Mon Komo complex.

“The apartments boast occupancy rates of over 80 per cent each year at a very strong average daily rate. It is one of Oaks’ best performing hotels,” said Michael Simpson, managing director of hotels at sales agents Savills.

The Hotel was developed eight years ago by Kyko Group and put up for sale to help fund the company’s office building portfolio.

Lewis Land Group spokesperson Brad Jenkins said: “We’ve been big admirers of the hotel for a long time and we’re thrilled to bring it into the portfolio.

“It’s a quality venue in all respects and in many ways, it sets the benchmark for hotel service and entertainment excellence.”

The Mon Komo Hotel is a ten-minute drive from the group’s other flagship Queensland venue, The Belvedere Hotel at Woody Point.

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Kate Jackson

Kate Jackson is the editor of Accomnews. You can reach her at any time with questions or submissions: [email protected]

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