DEVELOPMENT company Crystalbrook Collection has purchased The Reef Marina.

The Port Douglas marina will now be known as the Crystalbrook Superyacht Marina and becomes billionaire developer Ghassan Aboud’s fourth major investment in Far North Queensland.

His tourism and hospitality group will now pour at least another $100 million into the precinct to build a 100-room luxury waterfront hotel, 50 premium apartments and enhanced retail and dining areas.

“With our plans, we believe we can redefine the Australian marina experience and ensure Port Douglas is an essential-visit location for high-end global travellers,” Aboud said.

Mark Davie, CEO of Crystalbrook Collection, said central to the expansion was the creation of a ‘world-class’ hotel in Port Douglas.

“This site demands a hotel of the highest calibre,” he said.

“We have been travelling the world for inspiration. We want to bring to Port Douglas a globally recognized hotel and an incomparable experience for its guests.”

In a boon for Port Douglas, more than 600 jobs will be created over the construction phase, slated for mid 2018, with 240 permanent jobs post completion.

The development is expected to be completed by 2020, and will include 24 more berths to the marina to accommodate superyachts of up to 50 metres.

The Reef Marina’s Andrew Hooper-Nguyen said he was extremely proud of what his team had achieved over the last four years, including obtaining development approval for an $85 million waterfront transformation.

“We have transformed a marina that was literally falling apart into a superyacht hub with world-class entertainment venues,” he told Newsport today.

“It is not without sadness that we pass the marina onto its new owners. However, our strength is in marina investment and operations, and having navigated the challenging path to obtaining approvals for redevelopment of the site, it is now appropriate that we entrust The Reef Marina to experienced developers.”

Douglas Shire Mayor Julia Leu said she was thrilled to see investment coming to the region in an encouraging sign for Port Douglas.

“It’s many years since we have seen a development of this size and Crystalbrook Collection have demonstrated with their recent significant investments in Far North Queensland that they mean business and are committed to the ongoing growth of the region,” Leu said.

“This investment in the marina will endorse Port Douglas as one of Australia’s most idyllic getaways and bring great economic growth for the wider community.”

Aboud’s group has already invested over $370 million into three separate hotels in Cairns. Like those projects, Prime Group has been appointed to project manage and construct the expansion.

The group also owns and operates Crystalbrook Lodge and the MV Bahama motor yacht berthed at the Port Douglas marina.