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<p>North Queensland hotel, the Pullman Cairns International, has been sold for $75.08 million.<span style="line-height: 1.3em;"><br></span></p>
<p>Robert Magid's TMG Developments and its partner, the Singapore-based Ascendas Hospitality Trust, sold the hotel to the Melbourne-based Shakespeare Property Group, which is headed by private investor Yong Quek.</p>
<p>The landmark Accor-managed 321 room property overlooks Cairns Harbour.</p>
<p>It hosted the G20 finance ministers and Central Bank governors last year.</p>
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<div class="cq-article-content-media section"><span style="line-height: 1.3em;">The sale includes the adjoining Village Lane Retail Centre and an underground commercial car park.</span></div>
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<h2>T<span style="font-family: Tahoma, Helvetica, Arial, sans-serif; font-size: 12px; line-height: 1.3em;">he sale equates to a rate of $223,000 a key and a yield of around 8%.</span>
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<h2><span style="font-family: Tahoma, Helvetica, Arial, sans-serif; font-size: 12px; line-height: 1.3em;">Magid told the <em>Australian Financial Review</em> the sale gave the opportunity both build a "bit of a war chest" and to focus on his three "strongly trading" boutique properties – the Pier One Sydney Harbour, the Harbour Rocks Hotel and, in Melbourne, the Hotel Lindrum.</span></h2>
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