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Rydges Esplanade Cairns Resort Sells for $40 Million

November 14, 2016 Hotel Developments No Comments Print Print Email Email

Mulpha International, a Malaysian investment firm who recently acquired Rydges Esplanade Cairns Resort for AUD $40 million has confirmed today Event Hospitality & Entertainment Ltd (EVENT) will continue to operate the 240 room, waterfront property.

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Mulpha’s announcement also included details of a multi-million dollar commitment to proceed with upgrading the property’s accommodation; a project well underway prior the sale.   The refurbishment program will provide a contemporary refresh and transformation of the remaining 100 rooms and suites along with the lobby and reception area for a welcoming guest arrival experience.

Rydges Hotels and Resorts is one of Australasia’s largest tourism operators in the Pacific and comprises approximately one third of EVENT’s Hospitality and Leisure division which currently operates mid scale and deluxe rooms in desirable CBD, regional and resort locations across Australasia, the Middle East and the United Kingdom.

The general manager of Rydges Hotels and Resorts Norman Arundel said he was delighted Rydges Hotels & Resorts would continue to operate what he believes is one of Cairns’ most successful and well-resourced resort properties.

“We are proud of our long association with Rydges Esplanade Cairns Resort and look forward to working in a close partnership with Mulpha to achieve mutually beneficial aims.  As a group we welcome Mulpha’s investment in the region and additional financial commitment to complete the property’s refurbishment program which as operators, is key to a tourism operation’s sustainability, viability and future success

“Mulpha’s acquisition of Rydges Esplanade Cairns Resort is timely, coinciding beautifully with the city’s tourism resurgence and record highs underpinned by Cairns Airport’s latest visitor arrivals exceeding 5 million passengers.  Added to this, there are a number of key developments underway injecting confidence and vibrancy into the city that include the Performing Arts Centre and Aquarium and recently completed Munro Martin Parklands and Tobruk Memorial Pool – all within walking distance of Rydges.”

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