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Mulpha Sells Rydges Cairns

Mulpha has sold the Rydges Esplanade hotel in Cairns for $65m


Key points:

  • Rydges Cairns sold by Mulpha to Chinese oil boss Huo Zhenxiang

  • 242-key hotel sold for $65m after being bought for $42m less than three years ago

  • Mulpha still owns the Sydney InterContinental Hotel and the InterContinental Sanctuary Cove


Mulpha has sold the Rydges Esplanade hotel in Cairns for $65 million to Chinese oil boss Huo Zhenxiang.


Mulpha sold the hotel for $65 million after acquiring it from ASX-listed Abacus for $42.3 million less than three years ago.


Mulpha said it had sold the hotel to "unlock the value of the property and generate cash for the group".


Mulpha still owns the Sydney InterContinental Hotel and the InterContinental Sanctuary Cove.