The Star Entertainment Group has lodged a development application with the NSW Department of Planning for a hotel tower that will herald the return of the famed Ritz-Carlton brand to Sydney.
The proposed hotel and residences tower at The Star Sydney complex, together with works in a connected ribbon development, will include new resort amenities, significantly more food and beverage offerings and a neighbourhood centre.
The Star is partnering with Hong Kong-based Chow Tai Fook and Far East Consortium on the project, which will involve an investment of more than $500m.
The Star Entertainment Group CEO, Matt Bekier, said: “This country is experiencing significant growth in inbound tourism, an upward trend which shows all the hallmarks of continuing well into the future.
“Forecasts suggest Australia’s current visitation of around 8.3 million international visitors per annum will rise to 15 million a year inside a decade. To cater for that demand, we need the necessary tourism infrastructure. Sydney lacks sufficient high-end hotels to meet this wave of international tourist demand, led by the rapidly expanding wealthy Chinese middle-class demographic.
“By moving to close the shortfall in supply, we can ensure we don’t miss an opportunity that offers considerable economic benefit to this city and this State. Bringing a world-renowned brand like The Ritz-Carlton to The Star Sydney will further embed our reputation as a tourism and entertainment destination of global appeal.
“It will also help bolster Sydney’s position in a highly-competitive regional a nd international market and provide national impetus as well. Australia currently attracts just one per cent of China’s international outbound travellers. We look forward to receiving the necessary approval, allowing us to proceed with Chow Tai Fook and Far East with whom we’re already partnering on transformational projects at Queen’s Wharf Brisbane and The Star Gold Coast.”
