This article is from the Australian Property Journal archive
DUBAI-based GA Group has launched into Australia with the acquisition of the Rydges Tradewinds Cairns in northern Queensland for $34 million.
The Rydges Tradewinds comprises 246 hotel rooms and is located on a substantial 8,138 sqm site along the Cairns Esplanade. The off market sale was negotiated by CBRE Hotels national director Wayne Bunz and CBRE Cairns managing director, Danny Betros.
It is the first hotel acquisition for GA Group Australia, a division of the UAE-based oil company, hospital and automotive conglomerate Ghassan Aboud Group.
GA Group’s spokesperson Mark Davie said the group was looking to undertake a substantial refurbishment of the hotel to create a 5/6 star offering.
The hotel was sold by Abacus Funds Management as part of an ongoing asset sell down, with the net proceeds to be applied to the repayment of debt obligations. The fund has two hotel assets remaining, Rydges Esplanade in Cairns and Novotel Twin Waters on the Sunshine Coast.
Australian Property Journal
