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News release


Landmark Pacific Hotel Cairns sold

Second high profile hotel sale this year confirms renewed investor interest in the iconic tourism destination

The Pacific Hotel Cairns, a landmark asset and the first international standard hotel in the city, has been sold. Co-founders, the Kamsler Family, sold the property to a joint venture between Facilimate and Ascot Capital in a deal negotiated by JLL Hotels & Hospitality Group.

The 4.5 star hotel comprises 176 guest rooms, a restaurant, bar, extensive conference and meeting facilities, swimming pool, retail tenancies and a large car park. Widely considered the best located hotel in Cairns, the property occupies a prime 3,570sqm freehold site on the Esplanade with two street frontages.

JLL Hotels & Hospitality Group's senior vice presidents, Peter Harper and Paul Fraser, noted the deal was struck following an expression of interest sale campaign which received strong interest from a range of international and domestic groups.

Spokesperson for the vendors, Paul Kamsler, said "We were delighted with the interest received in our hotel. As an Australian owned and independently managed hotel we sought to find a buyer who would be committed to continuing to deliver the high standards of service and hospitality our team have strived for. The Facilimate & Ascot Capital joint venture is a perfect fit. We welcome them to Cairns and congratulate them on acquiring the Pacific Hotel Cairns."

Mr Kamsler added, ''Cairns is certainly back in business. Following a decline in tourism numbers due to the GFC all signs point to Cairns now regaining its presence as Australia's premier domestic and inbound leisure destination. We are seeing significant growth from longstanding overseas markets such as America, UK and Europe. Furthermore, China is a developing inbound market with enormous potential for Cairns.''

Stephen Lauder, Managing Director of Facilimate, said "We are extremely excited about the purchase of the iconic Pacific Hotel Cairns which presented an opportunity to buy an owner operated hotel located in a first class tourist hub. The chance to buy this hotel was too good an opportunity. With Cairns at the beginning of an uplift cycle in tourist visitors and the property having recently been through an extensive refurbishment, we intend to capitalise on the increased tourist demand from overseas markets and renewed domestic tourist interest in the region."

"This high profile transaction represents the third hotel sale JLL has undertaken in Cairns in the past year which includes the Pullman International Cairns and Bay Village Boutique Retreat. There's is no doubt that Cairns is the subject of renewed international investor interest due to consistently strong trading results over the past 24 months and an excellent outlook as a result of numerous positive market influences", said Peter Harper.

Paul Fraser added, "This is further demonstrated by the fact that the sale process for the Pacific Hotel Cairns attracted near on 100 qualified enquiries with around 10 formal bids received from a range of investor types and owner-operators.