On Friday 2 August a major hotel development agreement between Singapore based Chip Eng Seng (CES) and Hyatt Asia Pacific was formally signed in the Queen Adelaide Room.
The signing event was attended by the Hon David Ridgeway MLC Minister for Tourism, the Lord Mayor, CES Board members and dignitaries from Singapore and 80 invited industry guests.
The agreement provides for a $180 million redevelopment of the site at 51 Pirie Street for a 27 storey, 295 room hotel. The new will mark the return of the Hyatt Regency brand into Adelaide after an absence of ten years.
Construction of the hotel is expected to begin early next year and planned to open in early 2023. The hotel is expected to generate up to 600 jobs during and post construction.
The CES Group is already a major investor in Adelaide and Australia with a range of prime capital city assets in the hospitality and education sector. The Group has been closely engaged with the City of Adelaide through the Economic Development and Innovation Program since former Lord Mayor Haese’ Investment Roundtable in June 2017. It is currently assessing several other major investment proposals in the City.
This is an important investment project for the CES Group, Hyatt Regency and the City of Adelaide. It brings a premium hotel brand back into the market, creates employment, promotes a growing visitor economy, activates the local area as well as being an exciting and transformative development for the whole of the CBD.
More importantly, it reflects increasing confidence in Adelaide as an ideal investment location.
Contact Dominic Pangallo, Investment Case Manager, at D.Pangallo@cityofadelaide.com.au or +618 82037593 for more information on investing in Adelaide.
Image: Artist impressions of the new Hyatt Hotel’s Sky Bar from The Advertiser 2 August. Licensed by Copyright Agency. You must not copy this work without permission.