Dealmakers from Colin Biggers & Paisley helped an unnamed buyer navigate the complexities of a multimillion-dollar deal for a 242-room hotel in Cairns.
The firm has helped an unnamed client in the purchase of the Rydges Esplanade hotel in the Far North Queensland city for a total of $65m.
Duane Keighran, partner and head of the firm’s hotels, tourism, and hospitality group, led the firm’s team. He was supported by partners Matthew Castley and Brendan Maier, special counsel Alan McKernan, and senior associate Morgen Kerry. Partner Ben Caldwell provided planning advice, while partner Jon Meadmore handled corporate and commercial matters.
”The deal had a number of complex layers to work through and our multi-disciplined hotels, tourism and hospitality practice worked with our wider team to provide our client with an outstanding result,” Keighran said.
He said that the deal is an excellent example of the type of deals that the hotels, tourism, and hospitality team at Colin Biggers & Paisley is proud to be “at the coalface of with other leading market experts in the hotel industry.” He said that the deal builds on a number of similar deals the firm has assisted clients on recently.
Rydges Esplanade is being sold by Mulpha, a Malaysia-headquartered conglomerate.