Perth-based joint venture buys the Pacific Hotel Cairns after a JLL campaign attracts more than 100 inquiries and 10 bids

SOLD: Perth-based joint venture buys Pacific Hotel Cairns

Ascot Capital and Stephen Lauder’s Facilimate joined forces to buy the in a deal negotiated by JLL Hotels & Hospitality Group’s Peter Harper and. Paul Fraser after a campaign that attracted 100 inquiries with 10 formal bids.

Mr Harper declined to comment on the deal but industry sources say it was struck at around $25 million.

Owned by the Kamsler family, the 4.5 star hotel has 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, it occupies a prime 3570sqm freehold site on the Esplanade with two street frontages.

A spokesman 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 striven 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 said Cairns was 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,’’ hes aid.

Mr Lauder said it was a great 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,” he said.

“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.”

Source: The Courier-Mail, Chris Herde, July 15^th 2015