With investment plans to the tune of $1 billion, premium hospitality brand, Crystalbrook Collection, is rapidly expanding its portfolio of assets under management, with an initial focus on Australia.
Crystalbrook Collection is owned by Dubai-headquartered conglomerate, the Ghassan Aboud Group, which is also engaged in automotive, real estate, retail, media, logistics and pastoral businesses. Established in early 2016, Crystalbrook Collection expands the Ghassan Aboud Group’s interest in the hotel industry, property and tourism sectors. Now, Australia’s buoyant economy and strong tourism sector make it an excellent destination to begin operations for the hospitality arm of the business.
Commenting on the rationale behind starting with Australia, Ghassan Aboud – promoter and Chairman of the group – said “Australia has a very strong economy and other strong markets around it, such as Japan, China, Malaysia and Indonesia. It’s also a stable market for the hospitality sector. Initially we studied Europe but, in the end, we opted for Australia.”
Crystalbrook Collection’s hospitality portfolio includes an impressive collection of assets: Crystalbrook Hotel Riley in Cairns (opened November 2018); Little Albion in Sydney (operational); Crystalbrook Lodge; Crystalbrook Superyacht Marina; and MV Bahama, a luxury 90-foot motor vessel berthed in Port Douglas, Queensland. Two more properties in Cairns – Bailey and Flynn – are scheduled to open in 2019.
Crystalbrook Superyacht Marina is Queensland’s northernmost marina and one of Australia’s premier nautical destinations. Located in Port Douglas, Crystalbrook Superyacht Marina is the gateway to the Great Barrier Reef. Visitors come from all over the world to experience the renowned and pristine northern reef, the wonders of the Coral Sea, the Daintree Rainforest, local Indigenous history and culture, and lush tropical Far North Queensland. Crystalbrook has revealed the designs of its trophy asset at Port Douglas, which include a multi-use hotel, marina, F&B and entertainment complex. The marina is already operational, alongside associated retail components.
As part of the expansion plans, the company recently acquired the City Administration Centre in Newcastle. Crystalbrook plans to convert the building into a 5-star hotel named “Kingsley”. Crystalbrook Collection CEO Mark Davie said “The structure as you look at it now is not going to vastly. It’s a beautiful structure, and we love it. As far as we’re concerned, we can only improve upon it.”
Having made a significant impact in the landscape of Australia’s hospitality industry, Crystalbrook is in growth mode, with ambitions to expand even further globally in the coming years.
Source: Forbes Middle East