Ascendas Hospitality Trust (A-HTrust) Friday sold the Pullman Cairns International hotel in Cairns, Australia, which it co-owns with TMG Developments, for $30.6 million.
The 321-room hotel was sold to Shakespeare Property Group.
The sale price represents a premium of 12.1 percent to the hotel’s latest valuation of $53 million as of March 31, 2015.
“The divestment of Pullman Cairns International, the only hotel in A-HTRUST’s portfolio that is not wholly owned, is consistent with our proactive approach in managing and evaluating asset plans for the portfolio," said Tan Juay Hiang, CEO of the Managers. "Given its location in one of the smaller cities in Australia, which is predominantly a vacation destination, Pullman Cairns International does not entirely fit into the profile of A-HTRUST’s portfolio. This was a key factor for the divestment.”
After the sale, A-HTRUST continues to own six hotels in Australia.