$200m for hotel build

A Melbourne developer plans to build central Geelong’s first hotel in two decades with a $200 million investment by 2020.
Franze Developments would partner hotels operator IHG to open the 190-room Holiday Inn and Suites at 44 Ryrie St, the companies announced this week.
The development would be “the largest hotel in the city”, the companies said.
The “mixed use” development would cover 33,000 square metres of floor space including the hotel, shops, offices and “24 modern residences”.
“The hotel itself will boast an all-day dining restaurant and bar, swimming pool, gym, parking and 300 square metres of meeting facilities including a function room for 250 people,” the companies said.
The hotel would also be IHG’s first Australian Holiday Inn to offer 40 suites for “the longer-stay segment”.
The project signalled a “renewed outlook for the vibrant Victorian coastal city”, they companies said.
Franze Developments’ Paul Franze was “very excited to partner” IHG in the Geelong project.
“Geelong welcomes around 2.2 million overnight visitors annually but is dramatically under-represented by quality hotels. The Holiday Inn brand is known and loved by travellers all around the world, so I can’t imagine a better fit for a world-class city like Geelong.
“With a prime CBD location in close proximity to the station, hospital, university, offices and government entities, I am confident that Holiday Inn and Suites Geelong is going to be a story of success.”
Franze Developments bought the 2700 square metre site for $7 million in April.