Wanda Group purchased the “Jewel Project” in Australia's Gold Coast. As Jewel's controlling shareholder, Wanda will jointly develop the project with its original owners.
The company plans to invest $900 million to build a luxury five-star Wanda Vista hotel and serviced apartments. The Jewel is Wanda's fifth overseas hotel project announcement.
The Gold Coast is situated in Australia's Queensland State. The Jewel development is located at Surfers Paradise, at the heart of the Gold Coast. Upon completion, it will be the city's only five-star hotel and apartment project approved to be built on the beachfront.
The project will comprise three towers, one of which will be a five-star hotel, while the other two will house serviced apartments. The Jewel is the first project on the Gold Coast to adopt the facade cladding technique to represent three crystalline forms on the beach. The project's central park, conference rooms, restaurants, bars and other entertainment facilities will be located directly on the beachfront.
The landmark Jewel project will begin construction in 2015 and open in 2018.
Wanda aims to build at least 15 luxury five-star Wanda Vista hotels in 15 international cities by 2020.