Development company LGB Australia and Singapore-based Park Hotel Group are teaming on a proposed hotel in Adelaide, Australia's central business district. The 30-story hotel and apartment development has been proposed for the old State Bank building on Pirie St.
The $175-million development, Park Hotel Adelaide, is currently in its nascent stages still, according to the Herald Sun. It would include 250 hotel rooms, 280 residential apartments, cafe, bar, gym and an open air sky-deck with a pool.
LGB Australia CEO Raymond Chia said the proposed development on Pirie Street was its first project in the Australian hotel sector.
"Park Hotel Adelaide marks a significant milestone for Park Hotel Group and if approved, will inject new job opportunities and investment into South Australia," he said.
He said LGB Australia would continue to identify new investment and development opportunities in South Australia, and would bring a group of international investors to the state in September.
Park Hotel Group chief executive officer Allen Law said his group had long been looking to expand into Australia.
"Adelaide has experienced a massive expansion in its convention facilities, the medical precinct, Riverbank and Adelaide Oval developments. Increased flight connectivity, a strong events calendar and continued growth of the Asian markets, will also drive record visitor numbers. We are extremely optimistic about Adelaide’s tourism prospects," he said.
If approved, construction is expected to begin in 2017 and be completed in 2018.