Singapore-based Park Hotel Group has inked a deal to manage an upcoming hotel in Adelaide.
The 30-storey project in the city centre will consist of 280 private residences, 250 guest rooms and suites, a restaurant, swimming pool and other facilities. The private residences will be put up for sale.
The A$175 million (S$180 million) Park Hotel Adelaide will be owned by LGB Corp, a real estate developer based in Singapore - with an office in Adelaide. It will also be Park Hotel's first Australian outlet.
Building is due to start in 2017, with completion set for late 2018. The delay in construction is due to an existing lease on the hotel site, which will expire only at the end of next year.
The signing ceremony between Park Hotel and LGB unit Pirie Investments took place at the Grand Park Orchard on Monday.
Park Hotel chief executive Allen Law said at the ceremony: "We have been looking to expand into Australia for a while, and this collaboration presents an exciting opportunity for us to do just that."
Mr Law added that he is "extremely optimistic about Adelaide's tourism prospects" as he believes that an increased flight connectivity, strong event calendar and continued growth of the Chinese and Asian markets will drive record visitor numbers to the city.
South Australia's Minister for Investment and Trade, Mr Martin Hamilton-Smith, who was present at the ceremony, said: "This is a coup for South Australia - another upscale city hotel will boost our A$5 billion tourism industry and support the more than 33,000 people it employs."
As a result of the project, there will be the creation of over 200 construction jobs and the hiring of more than 40 consultants. Additionally, 100 jobs will also be created on the completion of the development.
The Park Hotel Group has a portfolio of 12 properties across Australia, China, Hong Kong, Indonesia, Japan and Singapore.