Greaton to complete the Darling Harbour Ribbon hotel project

Sydney’s $730 million The Ribbon project on Darling Harbour has been taken over by Adelaide based group Greaton, as Grocon leaves the project due to the collapse of its construction company.

Greaton purchased the development in 2016 and received construction rights last February, announcing the build would be completed by Probuild.

The 25 storey hotel is Sydney’s first W Hotel and is designed by Hassell. It is 65 per cent complete and has a scheduled completion date of early-mid 2022. Upon opening it will feature 450 guestrooms and 143 suites, a rooftop pool deck, restaurant, two bars, a spa, gym and event spaces.

“We have formally taken over the whole project, so Grocon is stepping out from the Ribbon project and we become the developer and Probuild the builder and that’s really cool,” Greaton managing director Nicho Teng said.

“We approached Probuild and another builder in early-mid last year ... so our engagement with Probuild was finalised about last October-November.

“It would be a shame if we couldn’t deliver, it’s such an iconic beautiful design in such a rare location.”

Mr Teng said Greaton has confidence in the project and has forecast the occupancy rates will line up with the resurgence of Sydney’s hotel market.

“The market is not going to be very strong, as we initially planned but I think the current market will come back after the vaccine and the borders open this year or next year,” Teng said.

Jonathan Jackson - 19th January 2021