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AU$65m hotel development for Adelaide

A new AU$65 million hotel development is set to take place in Adelaide.

Accor Pacific has announced plans for a new AU$65 million hotel development in Adelaide.

Scheduled to open in early 2014, the new 17-storey hotel achieved planning approval in March this year and will offer panoramic views over Hindmarsh Square and to the Adelaide Hills, the Property Council of Australia reports.

"This will be a key development for Adelaide," said chief operating officer at Accor Pacific Simon McGrath. "The economy hotel sector is the fastest growing market in global travel, and is set to grow even faster with the rapid expansion of low-cost carriers."

Offering 307 guest rooms once complete, the new Ibis Adelaide will be the firm's largest Ibis brand hotel in Australia.

Meanwhile, senior associates at DLA Piper Australia Lyndon Masters and Mahoney Smith recently told Property Australia that savvy investors should be looking to put their money into the Australian resorts sector at present.

The pair claimed lucrative returns for the long-term continue to be witnessed in this sector.

Posted by Craig Francis

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