Builders appointed for new AC Hotel by Marriott in Melbourne
Developer Capital Alliance has appointed Crema Constructions to deliver the $200 million mixed-use project at Melbourne’s Fisherman’s Bend that includes a new AC Hotel by Marriott.
The 200-room hotel will mark the Australian debut of the AC Hotel brand, with Marriott International Asia Pacific senior director Richard Crawford saying the group is “thrilled” to introduce the “design and understated style” of the brand to Melbourne.
The announcement comes at time of falling occupancies in Melbourne which recorded a fall of 6.3 percent to 72.7 percent in June, according to data analysts STR. This marks a fourth consecutive month of occupancy declines for the Melbourne market, with average daily rates slipping 2.7 percent to $168.90 and revenue per available room dropping 8.9 percent to $122.83.
“This appointment strengthens our view that although economic fundamentals have drastically changed for the industry, there is still life for projects that are carefully thought through,” Capital Alliance founder and chief executive Mohan Du told The Australian Financial Review.
Sheridan Randall, 19th July 2019
