A newly announced joint venture worth $200 million is set to end a 20-year hotel development drought in Geelong.
Hotel operator IHG and Franzé Developments have entered into 20-year management agreement to open and operate the "Holiday Inn and Suites Geelong", the largest hotel in the regional city.
Opening in 2020, the 190-room property will be the first new hotel in Geelong in more than twenty years.
Franzé Developments founder and managing director Paul Franzé acquired the44 Ryrie Street site in April for $7 million.
Franzé said he was excited to partner with IHG as the companies moved into the hotel development space.
“Geelong welcomes around 2.2 million overnight visitors annually, but is dramatically underrepresented by quality hotels.
“With a prime CBD location in close proximity to the station, hospital, university, offices and government entities, I am confident that Holiday Inn and Suites Geelong is going to be a story of success.”
The hotel will boast an all-day dining restaurant and bar, swimming pool, gym, parking and a 300sq m of meeting facilities including a function room for 250 people.
It will also provide a "suites" offering, with 40 suites intended for the longer stay market.
Franzé Developments flagged plans to build Geelong’s largest mixed-use development in April, lodging plans for a $150 million to $200 million mixed-use development that will include the hotel, serviced apartments and office and retail space.
IHG currently has 47 hotels operating under four brands across Australasia: InterContinental Hotels & Resorts, Crowne Plaza Hotels & Resorts, Holiday Inn Hotels & Resorts and Holiday Inn Express with a further 15 in the pipeline including Hotel Indigo and EVEN Hotels.