Gilligan’s Hotel and Resort hits the market for sale
A Far North nightlife and backpacker icon, famous among travellers around the world has hit the market for sale promising many more wild nights under the care of new owners.
Cairns
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A Far North nightlife and backpacker icon, famous among travellers around the world has hit the market for sale promising many more wild night under the care of new owners.
Ask any backpacker from Europe, South America, or the US where they are staying and they will most likely tell you Gillies, and if they are not staying in one of its rooms then they have definitely spent more than a few wild nights there partying till the early hours of the morning.
Now the world famous Gilligan’s Hotel and Resort in Cairns is looking for new beginning as its owners place the CBD property on the market for sale by expressions of interest through renowned brokerage agencies HTL and JLL.
Gilligan’s director and part owner Simon Larcombe said they have seen Cairns grow as an international tourism destination over the course of their tenure.
“While we’ve taken the view that now is an appropriate time for us to let another party enjoy the benefits of the next stage of the life of this extraordinary investment, we are convinced that both Gilligan’s and Far North Queensland’s best days lay ahead,” he said.
The property lays across an enormous 10,500 sqm double fronted CBD site, the multi-level and multi-revenue stream mainstay of the Cairns tourism and hospitality market, is offered as a freehold going concern for the first time.
JLL Hotel director Tom Gleeson said Gilligan’s is an icon around the world.
“In addition to its noteworthy brand equity value, is the critical investment criteria it enjoys; that being its immense revenue scale, income risk hedge, and the tangible profit maximisation
opportunities which so clearly exist,” Mr Gleeson said.
“This asset could be blended into an existing portfolio or acquired as a seed or foundation asset for new entrants into the region, and as such we expect interest levels to be heightened”
With a 705 bed accommodation offering, 40 gaming entitlements, one of Australia’s longest running and popular outdoor markets and annual revenues in excess of $35m the site represents a multifaceted investment opportunity.
“The patently irreplaceable nature of the sheer scale and quality of this market leading tourism and hospitality asset, is both remarkable and highly sought after by astute investors internationally” said HTL Property Managing Director, Andrew Jolliffe.
“Gilligan’s is the prototype for precinct activation, with several highly profitable business units housed within the one location and all speaking to a target market which transcends national and international borders.”
Owned by the same operating group for in excess of 16 years, the sale process for Gilligan’s seeks first round offers to purchase by Wednesday 9 October, 2024.
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Originally published as Gilligan’s Hotel and Resort hits the market for sale
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