Luxury hotel hint lifts Spirit

THE Gold Coast could get at least one new beachfront hotel in the wake of a consortium led by a Macau casino boss finalising the purchase of the troubled Spirit super-tower site in Surfers Paradise.

The Loi Keong Kuong-led consortium has paid $56.5 million for The Esplanade site, a figure that was kept under wraps when the deal was revealed in early March.

The price confirms the financial pain suffered by wouldbe Spirit developer Forise.

The Hong Kong-based Forise paid $65 million for the 3494sq m site in 2015 and went on to spend a reported $40 million-plus forming a sixlevel basement.

It also paid lawyers, consultants and Spirit architect the DBI group.

Roland Evans, principal of Canford Estate Agents, yesterday said the new owners intended to develop the planned 89-floor tower.

“They have indicated they intend to proceed with the development approval that is in place but might look to change the interior design and layout,” he said.

“I understand that move might allow them to incorporate at least one luxury-brand hotel.

“That said, there’ll still be an apartment component to the building.”

Mr Evans said the consortium members, operating through trustee company 3 Trickett Street, had not suggested a development time frame.

“They want to investigate market conditions before committing to final internal designs.”

Mr Evans said the purchase of the Spirit site by “such substantial” parties was great news for the Gold Coast.

“They are owners who definitely can, and will, deliver.”

The ownership of company 3 Trickett Street is dominated by the Loi family and, according to company records, includes Chinese billionaire Riyu Li, one-time investor in the three-tower Jewel beachfront project south of Surfers Paradise, with 10 per cent.

Mr Loi, who owns Macau’s Rio casino, paid receivers $90 million in early 2018 for the Soul Boardwalk retail area north of the Spirit site.

Before that deal he bought a Sydney office tower for $265 million and previously had acquired ExxonMobil’s Melbourne headquarters

He also is believed to be on the verge of buying the retail and office area at the twintower Circle on Cavill in Surfers Paradise.

Forise’s disastrous Gold Cost foray saw it locked out of a $3 million sales display suite close to the Spirit site.

During the company’s exit chairman Xin Wang sold his $3.5 million sub-penthouse in the Soul super-tower and offices in the Cavill Park building were vacated.