Sensational-Adelaide.com

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Dvious wrote:Website is now dead.

Adelaide’s proposed new Aloft and Sheraton hotels will be unaffected by the battle for parent company Starwood
March 30, 2016 12:00am
RICHARD EVANS The Advertiser

AN extraordinary multi-billion dollar fight for the ownership of global hospitality giant Starwood Hotels and Resorts will not prevent two major Adelaide hotel projects from going ahead in the near future.

Starwood director of acquisitions and development (Pacific region), Andrew Taylor, confirmed the development of an Aloft hotel on Sturt St and the proposed Sheraton hotel on the old Le Cornu site in North Adelaide will be unaffected by the takeover battle between Chinese insurance company Anbang and Marriott International.

“It’s business as usual,” said Mr Taylor. “Despite the (bidding) process we would expect our brands to continue to grow. We are certainly looking to bring the two hotels to the Adelaide market as planned.

“The interest in Starwood Group, through the two suitors, goes to show that the brands are in demand.”

A Starwood spokesperson said this week’s $US15 billion offer by Anbang is ‘reasonably likely’ to trump a recent $US14.41 billion bid from Marriott which is seeking to build the world’s biggest hotel company.

The $200 million Adelaide Sheraton build is expected to generate up to 500 news jobs during and after completion.

“The Sheraton is moving along nicely at the moment, we have engaged the design process,” Mr Taylor said. It has an anticipated completion date of March 1, 2019.

The Aloft hotel meanwhile is a stage two component of the New Mayfield residential and shopping complex on Sturt St, and is also at the design consultation stage said Mr Taylor. Starwood expects its first Aloft guests on New Year’s Day 2018.

Starwood’s board said it is backing Marriot’s bid while it assesses Anbang’s offer with Marriott encouraging Starwood shareholders to scrutinise the Chinese outfit’s financing and consider the timing of any required regulatory approvals.

Anbang may have to clear foreign ownership hurdles limiting Chinese insurance companies from having more than 15 per cent of their assets in foreign investments but dealt with similar concerns two years ago when it acquired the Waldorf Astoria of York for nearly $US2 billion.

Anbang’s Waldorf purchase was cleared by the US Treasury, worries about it becoming an outpost for Chinese espionage may have contributed to the recent ending of a decades long tradition of presidents and top US diplomatic officials staying in the Waldorf when in New York.

Anbang is also currently trying to reel in Strategic Hotels and Resorts in a proposed $US6.5 billion deal.

Other Starwood brands include the Westin, W and Le Meridien hotels.

Looks like Forum are in the hunt for a builder.
Several interested .... Will keep everyone posted

Ben wrote:I've been told this is unlikely to proceed. Deadline is coming up and no agreement has been reached.

Could be good for other developments but may put people off.

Dvious wrote:@jaymz - how often do you hear from the since all the problems started? have they kept you up to date at all?