Tourism trust to back region

A PROPERTY trust that plans to invest $1 billion developing hotels and resort in regional tourism areas is focusing on the Great Ocean Road region.

Australian Tourism Trust has been established to hold the assets of tourism-related developments across the country’s regional destinations.

The trust is being driven by Oceans United Investments Group and KPMG, with the former company behind a proposed $70 million resort in Apollo Bay.

The Colac Otway Shire believes the 180-room hotel resort, which also includes 82 villas, is too big and does not support it.

However, the project will be considered by an independent planning panel, which was to hold a directions hearing yesterday before a full hearing next month.

Oceans United chairman Graham Duff said the unlisted trust would invest initially in new hotels and holiday accommodation venues, with a particular focus on our region’s coastline.

Great Ocean Road Regional Tourism chairman Wayne Kayler-Thomson welcomed the investment and said it would create much-needed jobs.

“(It) will be a significant boost to support investment in the visitor economy of regional Australia,” Mr KaylerThomson said.

“The Great Ocean Road region . . . needs over $1 billion investment in quality accommodation and related services to meet current and forecast growth and demand.

“The establishment of the Australian Tourism Trust will facilitate this much-needed investment and generate employment growth.”

The initial capital to be raised by the trust is targeted at $400 million.

However, it has plans to acquire more assets and extend this investment in regional tourism to $1 billion.