The Cairns Harbourside Hotel sells for first time in 34 years
The Cairns Harbourside Hotel has changed hands for the first time in 34 years in an off-market deal by JLL agents Gus Moors and Gareth Closter, demonstrating renewed investor interest in North Queensland tourism.
The hotel, which is positioned on the popular Esplanade on a 5000-square-metre site, was built in 1984 and operated as a Holiday Inn. Japanese investor Taisei Kanko had owned the property since 1991 and oversaw its renovation and rebranding as the independent Cairns Harbourside Hotel, which reopened in 2024. This included the expansion from 100 rooms to 173 rooms, many featuring private balconies with views across Trinity Bay, the surrounding mountains and tropical gardens.
The recent off-market transaction comes as Cairns experiences a strong rebound in hotel performance metrics, with average daily rates and revenue per available room rising 43 per cent and 47 per cent, respectively, compared to 2019 levels.
“This is an extremely positive transaction for Cairns and the Queensland hotel market,” Moors said.
Closter said the region’s strong trading conditions over the past several years have increasingly attracted institutional and private capital to hospitality assets in northern Queensland.
“The strong trading conditions that Cairns has enjoyed over the past three to four years is attracting increased capital to the hotel investment market,” he said.
“In addition, freehold opportunities of this scale, boasting over 150 keys, are rarely available in regional Queensland.
“There is genuine and ongoing momentum building in investment markets across Queensland and this is filtering into the regions,” Closter said
The hotel’s appeal is not only in its waterfront position, but also in its proximity to Cairns Airport and the Cairns Hospital.
Investor confidence is also being bolstered by the Queensland Government’s planned $1 billion-plus expansion of Cairns Hospital, with construction anticipated to begin in late 2026, with completion targeted around 2030 or 2031.
The sales campaign attracted multiple bidders, with the incoming owner reportedly confident in Queensland’s tourism outlook and the long-term benefits expected from the lead-up to the Olympic Games.
The Cairns Harbourside Hotel will continue operating independently under its existing branding and management team.
Hotel general manager Glen Macdonald said the transition marked an exciting new chapter for the property.
“It has been a delight to lead a well-established team whilst working alongside the previous owner, a recognised, prominent pioneer in Cairns’ tourism growth and development over the past 36 years,” he said.
“The entire team and I are thrilled to continue delivering strong operational performance while pursuing strategic growth for Cairns Harbourside Hotel under the new ownership.”
