Hines Property announces new $65m hotel for Adelaide CBD.
Hines Property, has today lodged plans for a 17-level $65 million hotel development on Grenfell Street in the heart of the Adelaide CBD.
On completion the hotel will include 300 rooms and suites, together with food and beverage facilities, conference and meeting space, guest lounge and business facilities, and a fitness centre.
To be located at 122 Grenfell Street on the corner of Twin Street adjacent the historical Adelaide Arcade and Gays Arcade, the hotel will be just metres to Rundle Mall – the main shopping strip of the CBD.
Hines Property is currently in advanced negotiations with an international operator to manage the hotel, with an official announcement expected soon.
The hotel marks the fifth major development undertaken by Hines Property in the Hindmarsh Square precinct within the Adelaide CBD having recently completed the nearby $100 million Crowne Plaza Adelaide hotel and the adjoining $50 million 20 Hindmarsh Square apartments complex. Hines Property also developed the $70 million Conservatory on Hindmarsh Square, the $30 million Domain Apartments development and the $50 million Mantra on Hindmarsh Square serviced apartments development.
Grenfell Street has become the focus of CBD development in recent times with over $500 million worth of projects, including the Rundle Place retail and office development which is currently under construction, and Hines Property's national award-winning Conservatory office and residential development.
Hines Property Managing Director James Hines said: "Major government investment in key tourism infrastructure assets helps underpin the commercial case for this hotel. The Adelaide Oval upgrade which will bring AFL to the city nearly every winter weekend and the expansion of the Convention Centre are important catalysts for the future development of this city. Adelaide hotels are already running at very high occupancies mid-week due to strong corporate demand, and we expect this to further increase when additional major projects come online."
The 122 Grenfell Street development is expected to create more than 200 jobs during construction and then 80 permanent positions once the hotel becomes operational.
Works are planned to commence on site next year with the hotel to open its doors in 2014.