The Star Entertainment Group (ASX: SGR) has filed an application with the New South Wales (NSW) Department of Planning to develop a Ritz-Carlton-operated hotel tower in Sydney. The partnership with Hong Kong-based Far East Consortium International Limited and Chow Tai Fook Enterprises Limited will reportedly involve an investment to exceed AUD$500 million (US$360.6 million).
According to the official media release (pdf) from Star on Wednesday…
The proposal for the hotel and residences tower is to be situated within the footprint of The Star Sydney casino and entertainment precinct, which includes Darling Harbour, the new Sydney International Convention Centre, The Bays Precinct and Sydney Fishmarket.
Features of the proposed hotel tower and ribbon development are to include:
- 61 stories
- 220 six-star hotel rooms and 200 private apartments
- About 15 additional food and beverage outlets with a wide range of price points
- Resort amenities including rooftop terrace, three pools, two gyms, a spa and wellness center
- Hotel facilities including Sky Lobby, signature restaurant and event space
- Neighborhood Center including five levels with a social enterprise café and conference rooms
- Economic benefits to include about 1,000 construction jobs and 500 additional jobs once the property is up and running
The rights to design the tower were secured in December 2016 by acclaimed architects FJMT, led by Richard Francis-Jones, after winning a Design Excellence Competition.
Chief Executive Officer for The Star Entertainment Group, Matt Bekier said…
“Forecasts suggest Australia’s current visitation of around 8.3 million international visitors per annum will rise to 15 million a year inside a decade.”
“To cater for that demand, we need the necessary tourism infrastructure. Sydney lacks sufficient high-end hotels to meet this wave of international tourist demand, led by the rapidly expanding wealthy Chinese middle-class demographic. Australia currently attracts just 1 percent of China’s international outbound travellers,” stated Bekier.
Bekier further communicated, “We look forward to receiving the necessary approval, allowing us to proceed with Chow Tai Fook and Far East with whom we’re already partnering on transformational projects at Queen’s Wharf Brisbane and The Star Gold Coast.”
In March this year, Destination Brisbane Consortium, a joint enterprise of The Star Entertainment Group and Far East Consortium International and Chow Tai Fook Enterprises, broke ground on its AUD2.4 billion (US$1.8 billion) Queen’s Wharf Brisbane project, which has projected rolling opening, starting in the second half of 2022.