Jonathan ChancellorDecember 7, 2020
North Queensland hotel, the Pullman Cairns International, has been sold for $75.08 million.
Robert Magid's TMG Developments and its partner, the Singapore-based Ascendas Hospitality Trust, sold the hotel to the Melbourne-based Shakespeare Property Group, which is headed by private investor Yong Quek.
The landmark Accor-managed 321 room property overlooks Cairns Harbour.
It hosted the G20 finance ministers and Central Bank governors last year.
The sale includes the adjoining Village Lane Retail Centre and an underground commercial car park.
The sale equates to a rate of $223,000 a key and a yield of around 8%.
Magid told the Australian Financial Review the sale gave the opportunity both build a "bit of a war chest" and to focus on his three "strongly trading" boutique properties – the Pier One Sydney Harbour, the Harbour Rocks Hotel and, in Melbourne, the Hotel Lindrum.
