Hong Kong–based investors to build A$500m Sydney hotel tower
Star Entertainment Group, Hong Kong–based Chow Tai Fook and Far East Consortium have plans for a A$500 million ($360.6 million) luxury Ritz-Carlton hotel in Sydney.
The joint venture submitted a development application to the New South Wales Department of Planning.
The 61-story luxury hotel and residential project will comprise 220 Ritz-Carlton hotel rooms along with 200 high-end residences. The tower will also include a rooftop terrace, two gyms, a spa and wellness center, and a public restaurant. It would be located adjacent to The Star Sydney casino and entertainment complex, which also holds the new Sydney International Convention Center, The Bays Precinct, Darling Harbour and the Sydney Fishmarket.
The announcement makes no mention of a new casino or additional tables. In its current configuration, The Star is Australia’s second-biggest casino and specializes in hosting Asia’s high-rollers.
If approved, the project will bring the Marriott International brand back to the harbor city, after Sydney’s two Ritz-Carlton hotels closed more than a decade ago.
In addition, Star has committed to investing more than A$500 million ($360.6 million) in the existing installations, “including the comprehensive refurbishment of the Astral Tower and Residences, work on the arrivals area, and upgrading of internal spaces, including VIP facilities.”
Sydney hotels are the fourth most profitable in the Asia Pacific, largely due to a rise in international arrivals and the $1.5 billion renovation and expansion of the ICC Sydney Convention center attracting an increase in business, according to research released by STR.
“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,” said Matt Bekier, Star CEO. “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 travelers.”
Other projects Star is developing include the $1.73 billion Queen’s Wharf Brisbane casino resort, which is expected to open during the second half of 2022.
