Ascendas Hospitality Trust in talks to sell Pullman Cairns hotel

Ascendas Hospitality Trust is in talks with a number of parties to sell the Pullman Cairns International hotel, the largest five-star hotel in the Australian city’s central business district.

The hospitality real estate investment trust said on Wednesday (Sep 24) that the potential sale of the Cairns hotel is in line with its strategy of considering whether assets are ready for divestment to free up capital for more productive use.

It added that such discussions are preliminary and non-binding in nature, and there is no assurance that a definitive agreement will be reached.

Ascendas Hospitality owns 50 per cent of Pullman Cairns, which has 321 guest rooms and is valued at A$65 million (S$73 million).

Source : Channel NewsAsia – 25 Sep 2014

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