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Karratha Chamber of Commerce confident stalled hotel plans to eventually go ahead
The CEO of the Karratha Chamber of Commerce says he is disappointed, but not surprised, a hotel development has stalled in the Pilbara city, given the current economic climate.
In 2012, the WA Government reached an agreement with proponent Ramtron for the construction of a $65 million, four-star Hilton hotel in Karratha.
However, those plans never progressed and Lands Minister Terry Redman said the exclusive working period with Ramtron had ended over an inability to raise the required funds.
The Government is now talking to other potential proponents as well as Ramtron.
Chamber chief executive John Lally remains hopeful another proponent will be found.
"Karratha is still going to expand and it's just a matter of not if, but when, so it may be put back a bit obviously but I still think it will go ahead," he said.
"I still think it's got a good chance.
"I can understand the changing economic situation and I also understand borrowing money now is a bit more difficult than it was previously, there's more equity required, so I think they just need to work through that and there could be other investors that could be interested too."
Source: ABC News, 14th September 2015
Originally published as: Karratha Chamber of Commerce confident stalled hotel plans to eventually go ahead
