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21-05-2014, 10:35 PM
Banyan Tree search for sun ends with $11.5m deal
LISA ALLEN THE AUSTRALIAN MAY 22, 2014 12:00AM
SINGAPOREAN hotelier Banyan Tree Group has ended its search for an iconic Australian site to build a luxury hotel, buying on the Gold Coast at a premium.
The Asian hotel giant, which operates more than 30 global properties, has long targeted Australia to develop a five-star resort hotel.
In an aggressive play, it has paid a hefty $11.5 million for two beachfront blocks with views from Tweed Heads up to North Stradbroke Island, even though the site does not have development approval for a resort.
Banyan Tree plans an ultra-luxe hotel and serviced apartments on the site north of Q1, local sources noting that under the council’s new planning policy there is no height limit on the site.
Banyan Tree’s development would be produced under a new brand it hoped to introduce to Australia and it would be aimed at wealthy Chinese tourists, sources said.
The hotel and serviced apartment tower will be the first built on the Gold Coast since southeast Queensland was crippled by the global financial crisis in 2008.
Banyan Tree Hotels & Resorts has been scouring Australia for a site for several years, with its chief executive Abid Butt confirming to The Australian last year that it was negotiating to build a resort in Western Australia’s Margaret River region. “This is one of the best prices for a resort site on the Gold Coast in years,’’ said the site’s selling agent, Roland Evans of Canford Property Group.
“The development will have views of the ocean and also have views of the Gold Coast hinterland.” The site is about 50m from the new light-rail station.
It is understood Banyan Tree hopes to start building next year.
The vendor of the 971sq m beachfront site fronting 158 and 162 The Esplanade was AMP Capital Investors. The block sold for $7.1m in 2010.
Apart from extensive interests in China, Banyan Tree operates resorts in India, Mexico, the Middle East, Thailand, Vietnam and the Seychelles. Banyan Tree sold its only Australian holding, the Angsana Palm Cove resort north of Cairns, earlier this year.
Meanwhile, a Chinese investor fronting the Xian-based Xian WenHua Industrial Company, is believed to be buying the former home of the Star of the Sea Convent in Southport for more than $25m.
It is understood the company plans to transform the 1.5ha site into a resort and lifestyle hub with high-rise towers and shopping and dining precincts.
LISA ALLEN THE AUSTRALIAN MAY 22, 2014 12:00AM
SINGAPOREAN hotelier Banyan Tree Group has ended its search for an iconic Australian site to build a luxury hotel, buying on the Gold Coast at a premium.
The Asian hotel giant, which operates more than 30 global properties, has long targeted Australia to develop a five-star resort hotel.
In an aggressive play, it has paid a hefty $11.5 million for two beachfront blocks with views from Tweed Heads up to North Stradbroke Island, even though the site does not have development approval for a resort.
Banyan Tree plans an ultra-luxe hotel and serviced apartments on the site north of Q1, local sources noting that under the council’s new planning policy there is no height limit on the site.
Banyan Tree’s development would be produced under a new brand it hoped to introduce to Australia and it would be aimed at wealthy Chinese tourists, sources said.
The hotel and serviced apartment tower will be the first built on the Gold Coast since southeast Queensland was crippled by the global financial crisis in 2008.
Banyan Tree Hotels & Resorts has been scouring Australia for a site for several years, with its chief executive Abid Butt confirming to The Australian last year that it was negotiating to build a resort in Western Australia’s Margaret River region. “This is one of the best prices for a resort site on the Gold Coast in years,’’ said the site’s selling agent, Roland Evans of Canford Property Group.
“The development will have views of the ocean and also have views of the Gold Coast hinterland.” The site is about 50m from the new light-rail station.
It is understood Banyan Tree hopes to start building next year.
The vendor of the 971sq m beachfront site fronting 158 and 162 The Esplanade was AMP Capital Investors. The block sold for $7.1m in 2010.
Apart from extensive interests in China, Banyan Tree operates resorts in India, Mexico, the Middle East, Thailand, Vietnam and the Seychelles. Banyan Tree sold its only Australian holding, the Angsana Palm Cove resort north of Cairns, earlier this year.
Meanwhile, a Chinese investor fronting the Xian-based Xian WenHua Industrial Company, is believed to be buying the former home of the Star of the Sea Convent in Southport for more than $25m.
It is understood the company plans to transform the 1.5ha site into a resort and lifestyle hub with high-rise towers and shopping and dining precincts.