The 120 room apartment complex, Southern Cross Suites, has been purchased by leading timeshare group Trendwest South Pacific, in a deal that opens the way for a change in the Sydney apartment and hotel market. This complex establishes a new direction in timeshare for Trendwest as the first CBD timeshare accommodation made available in the South Pacific. The hybrid facility will combine an exclusive timeshare component with a stylish apartment hotel made available to the general public.
Trendwest South Pacific is part of Cendant Corporation, a global residential real estate and travel service provider. Cendant Timeshare Resort Group boasts 750,000 member families and has changed the face of the timeshare market around the world. This new acquisition is another example of the industry leader taking the market by storm.
Trendwest will renovate the eight-year-old building to a 4.5 to 5 star standard, reflecting the style of their international resort portfolio while maintaining a fashionable truly Sydney feel. Located near Sydney’s Capitol Theatre and the Darling Harbour entertainment precinct the apartments are the first capital city project for Trendwest South Pacific.
The overall investment including refurbishment is budgeted at $41 million. The extensive refit due for completion by mid 2006 will include the lobby, apartments, common areas and a complete exterior face-lift designed to present travellers with an upscale, inner-city chic look that is both family and business friendly.
“We are simply responding to our owners’ requests. We now have the ability to provide a quality CBD product,” says Trendwest South Pacific President and CEO, Mr Barry Robinson. Mr Robinson said “the $41 million investment will complement the overall acquisition strategy by providing superior and affordable accommodation close to heart of the Sydney CBD”.
“We will be making configurative changes to existing infrastructure to combine a user friendly atmosphere with a level of style our owners have come to expect. This hybrid hotel apartment and timeshare facility will attract our timeshare owner families, day trippers and business travellers.” A retail precinct, including a coffee shop, will complete the amalgamation.
It has been a big year for Trendwest South Pacific, starting off with the expansion into the New Zealand market by setting up offices in Auckland, purchasing into the resort location of Rotorua and its resort management division gaining the management rights of The Residence Resort in Lake Tekapo. Back in Australia, Trendwest has opened its doors in Lakes Entrance, Victoria, newly announced a Tasmanian acquisition at Seven Mile Beach and is busy with construction of a purpose built facility in Coffs Harbour. “These new locations have been selected to complement our current resort destinations. It is all part of Trendwest’s acquisition strategy to provide the ultimate in choice and flexibility to our owners” Mr Robinson added.