The billionaire founders of Computershare and Salta Properties, Chris Morris and Sam Tarascio, are behind the 160-room hotel proposal in Cowes.
The Rich Listers, and their partners, Melbourne hospitality investor Mazen Tabet’s Tabet Development Group and local developer Moda, are seeking funding after the development was approved last week. They aim to start building in six months.Moda managing director Ed Farquharson welcomed the council’s decision, and said weaker consumer spending would not deter the consortium from progressing the hotel project.
The performance of boutique properties, the main type of accommodation in regional locations, indicates that regional tourism has remained resilient as they have outperformed “big box” international hotels since the pandemic in terms of occupancy and revenue per available room, according to CBRE analysis.On a revenue per available room basis, boutique hotels performed over 50 per cent better, while occupancy rates were 21 per cent higher than luxury international hotels.
“What tends to happen is people divert major expenditure into minor expenditure. It helps the regional travel markets as people decide to not spend hundreds of thousands of dollars on a house renovation, but will spend $5000 on a trip,” Mr Dransfield said.Another factor in regional tourism’s resilience was the trend of people “travelling in their own backyard” that started during the pandemic has continued, JLL’s Gus Moors said.
An upmarket restaurant, pub, large-scale event space, a state-of-the-art wellness centre and 197 basement car parking bays under the hotel have been included in the plans.
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