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A new $440 million six star hotel for the Gold Coast
The Gold Coast beach front will be getting a new $440 million luxury hotel.
Gold Coast council has approved casino operator and developer Tony Fung building the 48 storey development on Main Beach Parade in Surfers Paradise.
The hotel will have 580 rooms and restaurants.
Significantly, the Aquis Point development is the only large new hotel now being planned for southeast Queensland that’s not part of a casino project.
Aquis Real Estate director Greg Benneworth said the six star hotel was something that was well-overdue in the Gold Coast market. It was all part of the development of that part of the Gold Coast.
“It’s likely to be the first pure luxury hotel, with no apartments, developed on the Gold Coast since the Marriott Surfers Paradise back in the early 1990s,” Mr Benneworth told realcommerfcial.com.au.
“We see some exciting times ahead for the northern end of the Gold Coast with a number of new tourism related projects and major public infrastructure projects planned there over the medium to long term.”
All of this is coinciding with development on the Gold Coast powering ahead with a $2.4 billion boost in infrastructure ahead of next year’s Commonwealth Games. At the same time, international developers are entering the market.
Developments on the Gold Coast include Dalian Wanda’s $900 million triple tower Jewel development on the beachfront at Surfers Paradise. That’s now under construction.
Added to that is the work now under way on Chinese conglomerate Forise Holdings’ $1.1 billion Spirit Tower.
Then there is the Star Casino Group which has teamed up with joint venture partners Chow Tai Fook and Far Eastern Consortium to build an $850 million redevelopment of Star’s Broadbeach casino. It will include a new 200 metre tower and there will be the addition of 700 keys into the hotel facilities.
At the same time, the council has approved the $1.2 billion twin tower Orion development. Chinese-backed Orion International Group is building what could be Australia’s tallest tower.
by Leon Gettler, June 5th 2017
