Company News Summary

Crown to Develop New Luxury Hotel in Perth

Original announcement: Crown to Develop New Luxury Hotel in Perth

Crown announced its decision to undertake the development of a new six star, luxury hotel to be known as Crown Towers Perth. The total investment in the Crown Towers project (inclusive of land) is expected to be $568.0m. The 500-room new luxury hotel will add to the suite of hotel accommodation at Burswood Entertainment Complex and will be a big boost to the local economy. The development of the new hotel will take the company's investment in the Burswood complex to over $1.3bn dollars since acquisition in 2004. Upon completion, Crown Towers Perth will be the largest hotel in Perth and will take hotel room capacity at Burswood to nearly 1,200 rooms. Construction is expected to commence in early 2013 and the hotel, which will take approximately three years to complete, will comprise 500 rooms and include restaurants, bars, resort, and convention facilities.

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