Asian hotel group triples Surfers Paradise site with tower purchase
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ASIAN hotel giant Banyan Tree is buying a Surfers Paradise apartment tower in a “knockdown” move that will allow it to potentially treble the size of a planned $125 million beachfront development.
Banyan, which this year paid $11.5 million for two adjoining lots at the northern end of The Esplanade, has snared the adjoining Bahia building.
The move, which involved months of negotiations with the owners of the 13-level Bahia’s 39 apartments, is believed to be costing Banyan Tree about $25 million.
The 40-year-old Bahia building will be demolished and Banyan Tree’s landholding will grow from 971sq m to 3045sq m.
Banyan Tree yesterday would not comment on the Bahia move or on what its plans were for its enlarged site.
Its initial concept was for serviced apartments.
But the bigger holding might allow it to develop something more grand.
A new Banyan Tree brand, Cassia, was to be used for the serviced apartments and the property was to provide top-shelf accommodation, with wealthy Chinese tourists a target market.
Banyan Tree founder Ho Kwon Ping said in June that the serviced apartment area was “seriously underwhelming” and “seriously under-serviced, bland and boring”.
He made the comments while in Australia looking for a serviced apartment site in Brisbane. He eventually paid $15.5 million for one on the Kangaroo Point cliffs.
Banyan Tree could also be undertaking its Gold Coast project at the same time as the Wandin-Ridong team’s three-tower Jewel venture, which also may have serviced apartments, is under construction on the southern side of Surfers Paradise.
Banyan Tree, since opening its first resort in Phuket, Thailand, 20 years ago has become synonymous with discreet luxury.
The listed Singapore-based group manages more than 30 resorts and hotels, as well as 70 spas, 90 retail galleries, and three championship golf courses.
Its operations are spread across 28 countries.
This article was written by The Gold Coast Bulletin;
