Ascendas Hospitality Trust in talks to sell stake in Pullman Cairns hotel
The hotel is valued at $73m.
Ascendas Hospitality Trust yesterday revealed that it has entered preliminary discussions with a number of parties on the potential divestment of its 50% stake in Pullman Cairns International.
Pullman Cairns is the largest five-star hotel in the Central Business district of Cairns, Australia. It has 321 guest rooms and is valued at $73 million.
The potential divestment is in line with the company’s capital recycling strategy. However, Ascendas Hospitality Trust also warned investors that there is no assurance that any definitive or binding agreements or any transaction will result from the discussions.