Rydges Esplanade sold for $65m
Colin Biggers & Paisley has advised on the sale of Cairns' Rydges Esplanade hotel, with the deal totaling $65 million.
Firm: Colin Biggers & Paisley (undisclosed purchaser)
Deal: An unnamed purchaser has acquired the Rydges Esplanade hotel in Cairns.
Value: $65 million
Key players: The Colin Biggers & Paisley team was led by partner and head of hotels, tourism and hospitality Duane Keighran, with assistance from property partners Matthew Castley and Brendan Maier, special counsel Alan McKernan, senior associate Morgen Kerry, partner Ben Caldwell for planning and partner Jon Meadmore in the corporate and commercial practice.
Deal significance: The four-star, 242-room Rydges Esplanade hotel is located on Abbott Street and is being sold by Malaysian conglomerate Mulpha.
"The deal had a number of complex layers to work through and our multidisciplined hotels, tourism and hospitality practice worked with our wider team to provide our client with an outstanding result," said lead partner Mr Keighran.
"It is an excellent example of the type of deals that our hotels, tourism and hospitality team is proud to be at the coalface of with other leading market experts in the hotel industry, and it builds on a number of similar deals we have assisted our clients in recently."