Written on the 5 June 2009
ANZ has banked on Brookfield Multiplex to deliver the resurrected $700 million Hilton Hotel project on schedule after original developer Raptis Group buckled with debts totalling $750 million.
BROOKFIELD Multiplex’s managing director of residential property George Kostas, affirms the project is on track to achieve a result that will deliver a much needed stimulus to the local community and rejuvenate the heart of Surfers Paradise.
Kostas told Gold Coast Business News that the two-stage project will create 2900 jobs, while $2.2 billion will be injected into the local and regional economy over the life of the asset.
This project has presented monumental challenges before getting out of the ground. Is BM up to the task?
There must be an enormous sense of achievement to bring a landmark project of this stature brought back to life. What were some of the biggest hurdles?
How difficult was it to source capital during this economic climate for a project of this magnitude?
Did the Hilton brand bring certain credibility to the project in terms of funding?
What role has Gold Coast City Council played in ensuring the project’s future success?
How integral are developments like this in injecting credibility back into the Multiplex brand following the debacle over the troubled Wembley Stadium in the UK?
How has this integrated property model set the benchmark for future developments in terms of partnerships?
The Hilton Hotel will be one of the first upscale international hotels to be built on the Gold Coast in more than a decade. What will a hotel of this quality mean for tourism?
How many sales have been generated since its launch?
Orchid Tower (east tower), comprising 224 apartments, is approximately 50 per cent sold.
Will this become a signature development for the company and are we likely to see a stronger BM presence on the Coast in the future?