Hotel Cairns has a new owner from New Zealand and it will be rebranded Ramada By Wyndham Cairns City Centre

One of Far North Queensland’s best-known hotels has been bought by a New Zealand family and taken under the wing of one of the world’s most well-known hotel brands.

The Hotel Cairns has a new owner and it has been rebranded as Ramada by Wyndham Cairns City Centre.

A NEW Zealand-based family with a portfolio of hotels has snapped up its first Australian asset in Far North Queensland.

The Giarn family is understood to have paid about $11 million for the premium Hotel Cairns which will join the Wyndham Hotels & Resorts group and be rebranded Ramada By Wyndham Cairns City Centre.

The Hotel Cairns sells for almost $9 million to Chinese investors after a receivers sale

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The Giarns, who own and operate hotels in New Zealand, secured the Cairns CBD property after an international expressions of interest campaign by CBRE’s Danny Betros and CBRE Hotels’ Wayne Bunz on behalf of a Chinese-based investor.

Mr Betros said the hotel was highly sought after and attracted multiple bids from local and international investors.

“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,” he said.

“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.”

The Hotel Cairns’ swimming pool. The hotel has a new owner and it has been rebranded as Ramada by Wyndham Cairns City Centre.

The Chinese investor bought Hotel Cairns for just over $8 million in 2014 after its previous owners went into receivership.

On a 4075sq m parcel of land Hotel Cairns features three street frontages and 92 rooms. It is less than 100m from the Cairns Esplanade and is close to the Cairns Aquarium and the new Cairns Performing Arts Centre.

Mr Bunz said demand for quality hotel assets in Cairns attracted strong interest from international investors.

“They’re looking to acquire hotels due to the favourable investment conditions and record low interest rates, while the current Australian dollar offers substantial value for overseas investors, which is also favourable for inbound and domestic tourism,” he said.