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JUPITERS GOLD COAST TO GET ROOM TOWER
The Star Entertainment Group has commenced the planning process for a
potential new hotel tower at its Jupiters Integrated Resort, as mega-investment
in the Gold Coast property continues to transform an iconic tourism landmark.
Pending various approvals and the execution of final joint venture
agreements, The Star Entertainment Group aims to develop a tower of
approximately 200 metres with its Queen's Wharf Brisbane partners, Hong
Kong-based Chow Tai Fook Enterprises and Far East Consortium.
The concept plan allows for a tower to be located on the ocean side of the
existing property. It is proposed it would house around 700 hotel rooms and
apartments -- taking the overall accommodation supply to almost 1400 and
creating a large-scale development on the Gold Coast for maximising tourism
opportunities in the region and Queensland more broadly.
The Star Entertainment Group is also considering the development of a live
sports theatre as part of the ongoing transformation of the property that later
this year will be rebranded The Star Gold Coast.
The existing Jupiters hotel is already undergoing a full refurbishment of
its almost 600 rooms, while a 6-star 17-storey hotel tower, with more than 50
luxury suites, is under construction at the front of the property.
The Star Entertainment Group initially committed AUD$345 million to the
refurbishment of the existing hotel and construction of the all-suite hotel tower.
The total investment under consideration has the potential to reach around
AUD$850 million with the proposed hotel/apartment tower plus the additional
development works around the theatre, and further food and beverage o erings.
It is envisaged the new tower will feature a 4.5-star hotel, ensuring a breadth
of price points, accommodation o erings, and universal tourism appeal at the
property -- with the existing upgraded hotel a 5-star facility and the new all-
suite tower to deliver on 6-star quality and service.
The announcement also confirms the intentions for The Star
Entertainment Group to joint venture with Hong Kong-based Chow Tai
Fook Enterprises and Far East Consortium on developments at all three of its
properties in south-east Queensland and Sydney.
The three companies formed Destination Brisbane Consortium to
successfully bid for the right to develop the Queen's Wharf precinct in
the Brisbane CBD, a $3 billion transformational project that will see a new
integrated resort operational by 2022.
A similar joint venture is planned, pending various approvals and execution
of final agreements, to construct a 200 metre tower at The Star in Sydney. It is
proposed to feature a Ritz Carlton hotel and an extension with connectivity to
the existing property that would include further food and beverage outlets.
Together with the original five-year investment plan of $500m, additional
works would take the overall Sydney commitment to around $1 billion.
"We want to be Australia's leading integrated resorts operator and our
plans for the Gold Coast are a significant part of that vision," said The Star
Entertainment Group Managing Director and CEO Matt Bekier.
"Our commitment to the Gold Coast is unambiguous. We are already well
advanced on transforming the property through the hotel refurbishment and
new restaurants, and later this year when we rebrand to The Star Gold Coast,
the new six-star all-suite tower will be rising out of the ground.
"Adding another tower in joint venture with such highly-credentialed
partners as Chow Tai Fook Enterprises and Far East Consortium has the
potential to create a tourism asset at scale that helps serve to position the
industry as an economic driver in Queensland.
"Importantly, we will also have a world-class property just up the highway
at Brisbane to ensure the tourism experiences on o er, while unique by
location, will also be complementary and of benefit to the broader south-east
Queensland area by significantly increasing visitation.
"Our partnership with Chow Tai Fook Enterprises and Far East Consortium,
with their insights and touch points in Asian markets, will also assist in that respect."
Chow Tai Fook Enterprises CEO, Patrick Tsang, said the company was
delighted to be part of the Gold Coast development plans.
"We have forged a strong relationship with The Star Entertainment Group
and Far East Consortium in what are our first significant forays into the
Australian market," he said.
"The Queen's Wharf project was the starting point, but we see the location,
the lifestyle and the potential at the Gold Coast as an outstanding opportunity
to complement our involvement in Brisbane."
Far East Consortium Managing Director Chris Hoong said the developments
across south-east Queensland and Sydney were necessary infrastructure projects
to leverage the growing interest in Asia for Australia as a destination.
"We have been operating in Australia for more than 20 years and we're
excited to be involved with these projects," he said. "Economic growth in China
and the burgeoning a uent middle-class demographic has opened the doors of
opportunity for Australia. There is long-term sustainability in that market."
An artist's impression of the new tower at Jupiters
Oakwood to Brisbane
Oakwood Asia Pacific, which manages some of the leading serviced
apartments for business and leisure travellers throughout Asia, is expanding
into the Brisbane market with the debut of Oakwood Apartments Brisbane, the
first Oakwood-branded building in Australia.
"We are truly excited to be blazing a new trail to Australia, which is an
important focus in our ongoing global expansion plans," said Dean Schreiber,
Managing Director of Oakwood Asia Pacific.
"We can't wait to show the Australian market the superior Oakwood service
that has established us at the pinnacle of the serviced apartment industry," he said.
The former Adina property features 162 rooms including studio, one- and
two-bedroom apartments. Overlooking the Brisbane River sits the outdoor
pool and jacuzzi, full size tennis court and indoor sauna and Fitness Centre.
18 HM The Business of Accommodation
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