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Real estate financier MaxCap Group has provided a $29.3 million loan for the construction of Vibe Hotel Adelaide, which initially began in May last year.
Designed by Adelaide’s Loucas Zahos Architects, the 18-storey project will feature 123 rooms and sit minutes away from the city’s iconic Rundle Mall, as well as Victoria Square, Adelaide Casino and the Adelaide Convention Centre.
The hotel is being developed by Brisbane-based GuavaLime and will offer guests floor-to-ceiling windows, spa, sauna and a ‘pool bridge’ which will connect it to the neighbouring ONE Apartments.
“GuavaLime is a reputable sponsor with a sound track-record and highly experienced management team,” MaxCap Group CIO Bill McWilliams said.
The news comes after MaxCap partnered with GURNER to deliver a $120 million residential tower in Queensland’s Burleigh Heads.
The completion of Adelaide’s project will make it the first Vibe hotel in SA, which will be operated by Toga Far East Hotels (TFE) which also manages Vibe hotels across seven other Australian cities - Perth, Darwin, Brisbane, the Gold Coast, Sydney (three locations) and Melbourne.
TFE is a joint venture between Sydney-based TOGA and the hospitality arm of Singapore’s Far East Orchard Limited, controlled by the privately owned Far East Organization.
The group manages 79 hotels 11,881 keys in Australia, New Zealand and Europe, covering such hotel brands as Travelodge, Adina, Quincy and Rendezvous.
“MaxCap is pleased to be providing funding to them for this well-designed hotel managed by a leading operator in Toga Far East, as we continue to increase our market share in the Adelaide market,” McWilliams said.
The hotel is anticipated to open in late 2022.
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