Jerry Schwartz pushing for second five-star W Hotel

Hotel mogul Jerry Schwartz is pushing to create Australia’s second five-star W Hotel in Melbourne. It would be part of his bid for Lend Lease’s prime waterfront development at Victoria Harbour in the Docklands.

It is understood Dr Schwartz plans a hotel and apartment development worth just under $200 million for the site, with his ICC Hotel Development group hopeful of entering exclusive due diligence within weeks.

Lend Lease proposes a Starwood-branded Aloft Hotel for the site, but it is understood Dr Schwartz, the nation’s biggest private hotel owner, prefers a more up-market W Hotel.

Lend Lease is offering the site for a hotel of about 200 rooms coupled with 260 co-branded apartments.

Dr Schwartz’s consortium, which is bidding on the 1700sq m waterfront site fronting 839-883 Collins Street, also comprises Harold Dakin and a third unidentified member. Under the plan, one-bedroom apartments would be priced from $715,000.

If the hotel and apartment project proceeded, Mr Dakin said recently it would be ideal for corporate travellers, given its proximity to the Melbourne Convention Centre and CBD.

Meanwhile in Brisbane, construction of the W Brisbane has begun. The luxury hotel expected to open in 2018.

The W Brisbane Hotel is part of a mixed-use development costing $1 billion and marks the re-entry of the W brand to Australia.

Fronting 300 George Street on the Brisbane River, the mixed-use development is a joint venture between Shayher Group and Pau Jar Group of Taiwan comprising three towers, W Brisbane, a premium office tower and exclusive apartment tower.

Further south, Lend Lease believes there is strong demand for hotels in Melbourne and has been approached by hotel investors to buy its Victoria Harbour site.

Source:  The Australian - 25 September 2015