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December 12, 2014

Australia: Crown Resorts Ltd. to Develop New Luxury Melbourne Hotel

In partnership with:

Crown Resorts Limited will develop a new 5-star hotel and apartment complex in Melbourne, in conjunction with the Sciavello Group.  

The move will see Crown acquire an interest in four adjoining parcels of land in Queensbridge Street, Southbank, Victoria, opposite the Crown Melbourne Integrated Resort, currently controlled by the Sciavello Group.

While arrangements and designs are being finalised, it has been agreed in principle that Crown will manage the hotel on completion and that the Schiavello Group has the right to acquire an office and showroom area within the complex. Both parties will be equally involved in the apartment development. The development remains subject to negotiation of a final joint venture agreement, financing arrangements and a construction contract with a builder as well as planning and other government approvals.

According to Crown Resorts’ chairman, James Packer, the project “demonstrates Crown’s confidence in Melbourne as a world-class tourism destination”.

Read more at CIM Magazine...

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