Barangaroo Hotel a bit Closer
The Barangaroo international hotel complex may be a step closer as Lend Lease plans to accelerate discussions with governments and other stakeholders in the wake of a massive injection of funding from the Canada Pension Plan Investment Board and other investors – Telstra Super, First State Super and Australian Prime Property Fund Commercial.
The $2 billion in funding is expected to be used on the initial two office towers but Lend Lease wants to push ahead with a third tower and the five-star hotel in the overall $6 billion Barangaroo development on Sydney Harbour.
Lend Lease CEO Steve McCann said discussions were in progress with a number of international chains for the hotel, including James Packer’s Crown group that wants to build a mega-casino and hotel.
However Lend Lease said the hotel may not necessarily happen on the site jutting out into the harbour – the focus of much of the controversy regarding the initial plan. The company is in discussions with the NSW government on whether a high-rise on the main Barangaroo site.
Crown’s proposal for a super casino and international hotel at Barangaroo is looking more solid as Crown’s stake in its principal opposition Echo Entertainment has climbed to 10%. Echo secured an exclusive arrangement with the NSW government to limit Sydney to one casino until 2019. Crown’s proposal in February gained the support of premier Bary O’Farrell.
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