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Published on : Friday, October 21, 2016
A Syrian-born billionaire developer is on the lookout for million dollar investment in tourism-related projects. Ghassan Aboud, a Dubai-based Syrian billionaire has already pumped in millions of dollars into two tourism-related investments in Australia.
He is currently on the outlook for his third purchase, News Corp reported.
Earlier, he bought the Rydges Tradewinds hotel for 34 million Australian dollars (26 million U.S. dollars) through his company GA Group Australia in March, expects to turn the property into a five-star accommodation by mid-2018.
The existing hotel is set to undergo a major overhaul while a 12-storeyed apartment building being built on an adjoining site, to be known as 141 Esplanade.
Cairns-based Prime Group company director Andy Taylor said he has met owner Abboud and expects to start working on the project in February. He said the new construction phase could generate up to 250 new jobs in Cairns.
The GA Group also purchased a 4,000-square metre vacant block at the corner of Aplin and Lake Streets in Cairns for an undisclosed amount and plans to turn into a 200-room hotel.
Now the billionaire is hunting for a third purchase in Cairns, media reports said without elaborating further.
Tags: Australia tourism sector