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Major Hotel Chain Expected To Secure $650m Hamilton Development

ICON-Hamilton

 Three major hotel chains are in discussions over which hotel will secure the spot in the $650 Million dollar ICON development along the Hamilton waterfront in Brisbane.

The ICON development is being managed by private property trust

Wentworth Equities as a part of the Northshore Hamilton urban revival which is expected to see Hamilton emerge as a booming economic hub in a prime waterfront location.




Wentworth Equities Executive Chairman, Sameh Ibrahim,

 told News Limited that up to 3 global hotel chains were ready to get involved with the ambitious project.

“A decision will be announced within eight weeks,” Mr Ibrahim said.

“We had the three biggest leading hotels compete for the tenancy after a detailed study by Urbis for demand.”

It was in December 2014 that the Economic Development Queensland granted approval for Wentworth to develop the site on Hercules Street.

Located just 9.5 kilometres from Brisbane’s CBD the 7,637 square metre site boasts 567 residential apartments, seven levels of underground parking as well as a restaurant and retail precinct.

Mr Ibrahim believes that the sites location is ideal considering it is only 100 metres away from the popular Brisbane Cruise Ship Terminal where close to 350,000 tourists embark each year.

He went on to suggest that this would correlate positively with economic activity in the region as the ICON development looks set to create 1,500 jobs as well as an additional 2,000 jobs in construction during the building of the project.

The hotel, which will be the first five-star hotel for the Northshore Hamilton, will take three years to complete according Sameh Ibrahim.

The news comes as the South-East Queensland corner is expected to boom, cashing in on a revived tourism industry and exciting infrastructure projects.

The transaction looks to eclipse the major hotel transactions in Queensland last year, which saw $70 million recouped from the transaction of the Jupiters Townsville Hotel Casino.

 

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Article originally posted at: https://theurbandeveloper.com/articles/major-hotel-chain-expected-secure-650m-hamilton-development