Melbourne based investment company and fund manager PE Capital and Hyatt Hotels Corporation have announced the development of a new 200 room hotel for Springvale in Victoria’s south east under the Hyatt Place brand.
The announcement reflects the burgeoning economic growth in the region that underpins strong demand for this new project. A recent rezoning, permitting commercial use, has helped to stimulate what will be a $113m boost to the local economy – with a $50m initial investment and a further $63m of induced economic output for the wider economy, according to PE Capital’s Chairman, Martyn Barnes, who describes the project “a major international and national financial investment in Springvale”.
Group President, Asia Pacific, Hyatt Hotels Corporation, David Udell expressed confidence in project partners PE Capital and the choice of location for the development, reflecting that “with a meeting of minds and common values, incredible projects can be delivered for communities.”
It is expected that the development will generate 280 construction jobs during the build phase, with 226 on-going jobs following its completion.
Reinforcing the need for the new hotel development, the greater Dandenong region is the biggest employment cluster outside Melbourne’s CBD. Local Mayor, Youhorn Chea recognised that it “is a demonstration of the confidence that high-end operators and investors have in the strength of the local area and economy.”
The project reflects Melbourne’s second Hyatt Place property, following the opening of Hyatt Place Essendon Fields in June 2017. The Springvale property is expected to be completed by August 2020.