A mixed-use development in Adelaide, Australia, owned by the Makris Group, is poised to get a Sheraton hotel. Late last year, the Group unveiled plans worth about $200 million to redevelop the area. The hotel, which will have 160 rooms, is currently slated to open in the middle of 2019.
The land has been vacant for 25 years, according to ABC.net.au, and was once occupied by furniture business Le Cornu. Several proposals had come through without going ahead, which owner Con Makris blamed on the global financial crisis.
Makris Group chief executive John Blunt said the Sheraton was a standout among nine other international hotels bidding for the contract.
But not everyone is optimistic. Adelaide City councillor Anne Moran said she was not convinced the project would go ahead because previous projects on the site had failed, and that the fact construction was not scheduled to start on the project until late next year left her "concerned."
Meanwhile, Skycity is planning to spend up to $300 million to expand the Adelaide Casino, adding an 80-room five-star hotel overlooking the Torrens River. The final timing on commencement of works has not yet been determined, and is dependent on the finalisation of the site lease with the South Australia Government and coordination with the Government’s plans for the broader development of the Riverbank Precinct.