Crown Resorts has announced its plans to build a new five-star hotel for its Melbourne casino location. The company will acquire land on Queensbridge Street, which is right across from the Crown Melbourne Integrated Resort. The project will be developed along with Schiavello Group, and Crown will offer up an initial investment of $50 million.
Crown will acquire and manage the hotel while Sciavello Group will have an office and showroom on the property. The apartment development will be shared 50:50. The new hotel will benefit Melbourne in a number of ways. In addition to attracting more tourists to the city, it will also create more jobs for local residents. The economy can look forward to a generous boost from the development of a new-five star hotel in Victoria.
“A new luxury Crown managed hotel will assist Melbourne to attract more high net worth tourists and reinforce Melbourne’s appeal as a destination for important international conferences, sporting and cultural events,” says James Packer, Chairman of Crown Resorts. While most of the details have been ironed out, there are still some negotiations that need to take place.
The two parties will have to decide on a final joint venture agreement, financing arrangements and a construction contract. They will also have to seek out government approval.
Tony Schiavello, Chairman of Shiavello Group says: “This project will become an iconic example of an integrated hotel and apartment complex, with premium quality leisure and hospitality facilities, and wonderfully positioned for easy access to Melbourne’s finest entertainment, cultural, sporting, shopping and leisure venues”.
There is no word yet on when construction will start or concerning the projected completion date. It seems to be in the very initial planning stages.
As the story develops and more details about the project are revealed, we will keep you posted.
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