Developer plans luxury W Hotel for Melbourne Quarter
Hotelier Jerry Schwartz and financier Harold Dakin are seeking to build a five-star W Hotel in Lend Lease’s Melbourne Quarter after the property developer decided another site they were looking at was more suited to a giant office block.
The ICC Hotel Development Group, headed by Dr Schwartz and Dakin, was hopeful last year of entering due diligence on the prime waterfront development called the “Y3’’ site at Victoria Harbour in the Docklands.
But Lend Lease has since decided the site would be better suited to an office block and has received approval for commercial development.
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It is understood ANZ is looking at the 1700sqm development site fronting 839-883 Collins St and is considering anchoring a 40,000sqm office block that would cover the entire site.
Dr Schwartz, the nation’s biggest private hotel owner, and Dakin could not be reached for comment but it is understood the pair are now looking at a site in Lend Lease’s Melbourne Quarter for the hotel, which they intend to develop as a W, sources say.
“Lend Lease does not comment on market speculation,” a Lend Lease spokeswoman says.
Meanwhile in Brisbane, construction of the W Brisbane has begun and the luxury hotel is expected to open in 2018.
The W Brisbane Hotel is part of a mixed-use development costing $1 billion and marks the re-entry of the W brand to Australia.
Fronting 300 George St on the Brisbane River, the development is a joint venture between Shayher Group and Pau Jar Group of Taiwan.
It comprises three towers: W Brisbane, a premium office tower and exclusive apartment tower.
Peter Sia, Shayher Group general manager, did not return calls.
This article originally appeared on www.theaustralian.com.au/property.