Singaporean-based hotel and resort operator Banyan Tree is searching for a joint venture partner for its proposed $500 million tower project in Surfers Paradise as it moves to introduce its latest hotel brand to Australia.
The Gold Coast accommodation and apartment market has been rerated as Chinese groups have entered the market, buying existing hotels and planning a series of towers to meet the demand from the wave of tourists coming out of China.
Although the listed Banyan Tree recently announced a $27.4m full-year loss, it has restructured its hotel operations and is keen to expand its brand in Australia, drawing on a capital backer for the Surfers Paradise project.
It is pressing ahead with plans to develop the Cassia Northpoint project in Surfers Paradise, which will include a 41-level and 35-level tower with serviced apartments and owner-occupied apartments, and will introduce Banyan Tree and its four-star Cassia offshoot to the Gold Coast. Plans for Cassia Northpoint reveal nearly 440 apartments and villas plus at least 20 six-star Banyan Tree homes with some spanning two levels. Cassia Northpoint residents also will have access to a rooftop pool and restaurants, under plans by DBI group.
The Singapore group spent about $50m putting together the 4423sq m site fronting Surfers Paradise Boulevard. Roland Evans of Canford Property Group helped assemble the site and is believed to be helping with the search for a partner. He declined to comment.
Designed for younger travellers and families, Cassia hotels and serviced apartments sport one or two-bedroom units with living space and kitchen.
Banyan Tree has just opened a Cassia-branded hotel and serviced apartment complex in Phuket, and there are more developments in the offing in resort locations such as Bintan, Indonesia, Lijiang in China’s Yunnan province, and Beruwala on the Sri Lankan coast.
Apart from its proposed development at Surfers Paradise, Banyan Tree recently announced plans to build a $150m residential development in Brisbane to be called Banyan Tree Residences on a near-waterfront site on River Terrace, Kangaroo Point.
The plan is to develop 76 apartments across 10 levels including four penthouses, most with rooftop infinity pools, and private garden residences. Prices are yet to be set.
Banyan Tree executive chairman Ho Kwon Ping recently told The Australian he wanted a new four-star Cassia hotel to open in Sydney and Melbourne when he found sites.
“We are looking to do one in Australia if we can find the land. I would like to do something in Melbourne and Sydney but we have to wait for a (price) correction,” Mr Ho said. “My personal preference I think is Sydney. It is very beautiful because of the harbour.”
Original Publish: http://www.theaustralian.com.au/