Construction of $50m luxury hotel in Adelaide not affected by liquidation woes
Construction of a $50 million luxury hotel in Adelaide will go ahead, despite one of the developer’s companies going into liquidation.
Prizac Developments director Andrew Russell-Price says plans to begin construction of the seven-storey building in Elizabeth next April will not be affected by the liquidation of another company, Prizac Investments, which owes unsecured creditors $10.4 million, following a failed bid to develop a hotel in Melbourne in partnership with the Western Bulldogs Football Club.
Speaking to The Advertiser, Russell-Price said “everything is full steam ahead”.
“The fact of the matter is that the approvals are in place, we are finalising the final drawings and we are finalising the tenant that will run the hotel,” he said.
“What has happened [with Prizac Investments] will not have any effect on this whatsoever. We liquidated a company and got rid of a few things so we could build this hotel.”
The 204-room hotel was being built as part of Playford Council’s strategy to revitalise the Elizabeth CBD.
Sheridan Randall, 20th December 2018
