Crown Resorts Limited today announced plans to develop a new five-star hotel and apartment complex in Melbourne.
The proposed site, on Queensbridge Street, Southbank, is opposite the Crown Melbourne Integrated Resort and controlled by the Schiavello Group.
Crown has agreed to an initial investment of $50 million to participate in the joint development of the project with Schiavello. It has been agreed that Crown will own and manage the hotel on completion, while the Schiavello Group will acquire an office and showroom area within the complex.
The parties will share ownership of the apartment development and, at this stage, it is not intended that any gaming operations will be conducted in the new building.
Crown Resorts’ chairman, James Packer, said the new projects demonstrates Crown’s confidence in Melbourne as a world-class tourism destination.
“While Crown continues its domestic and global expansion, Crown Melbourne remains our flagship resort and this project will ensure it remains the best integrated resort in Australia and amongst the best in the world.
“Crown Melbourne’s success in attracting international and interstate tourists is highlighted by the occupancy levels at our three hotels, which are consistently over 90 per cent. This demonstrates an urgent need for more hotel capacity at Crown Melbourne to meet both current and future demand.
“A new luxury Crown managed hotel will assist Melbourne to attract more high net worth tourists and reinforce Melbourne’s appeal as a destination for important international conferences, sporting and cultural events.”
The final 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. Visit the website https://www.crownmelbourne.com.au