Wednesday 18 May 2022 11:58 PM Metricon, ProBuild crisis: Why Australian builders are going broke trends now
A $730million luxury hotel boasting an elegant restaurant and cocktail bar with an infinity pool overlooking Sydney Harbour has become an empty 25-storey eyesore after falling victim to the collapse of a major construction firm.
W Sydney, dubbed 'The Ribbon' of the hotel chain, was set to open in 2020 before a series of delays that included the pandemic and financing issues saw it repeatedly pushed back.
Home to the upgraded IMAX theatre, the world's largest cinema screen, the W Sydney was pinned as Darling Harbour's new culture hub - but instead, it remains an empty shell following the demise of ProBuild.
The construction company building it, one of the largest in Australia, saw 750 workers and thousands of contractors out of a job, more than $14million owed to employees and $5billion in projects left unfinished after going into receivership in February.
Deloitte's Sal Algeri, who has been appointed as administrator to Probuild, told Reuters he would assess the company's financial position and begin working toward finding a new owner.
Marriot, the owner of the hotel, must find another construction company to finish the work.
In a statement to Daily Mail Australia, a spokesperson for the hotel said: 'We will shortly be able to share an update on the project, it will be well worth the wait.'
The $730million luxury W Sydney hotel was set to open in 2020, offering a lavish restaurant and cocktail bar with an infinity pool overlooking Sydney Harbour and the new IMAX theatre
Instead W Sydney is an unfinished shell, featuring dirty windows, scaffolding and rooms filled with buckets, slabs of concrete and building equipment
Branding around the hotel includes 'We've Arrived' and 'Coming Soon' - despite the collapsing of major construction firm ProBuild meaning it's future is uncertain
Set to become W Hotels' third Australian entry, the Darling Harbour accommodation was to feature a sleek, unique design with 593 stylish guestrooms, suites and serviced apartments.
Plans included a state-of-the-art gym, a grand ballroom, 925 square-metres of event rooms, a restaurant and cocktail bar.
W Sydney also promised the brand's iconic Wet Deck, an infinity pool with stunning views of the harbour.
'Sydney – with its glamorous energy, cultural diversity and statement architecture – is the perfect match for W Hotels,' W Hotels Worldwide Global Brand Leader Anthony Ingham said.
'Wherever my travels take me I am asked again and again when we are returning to Sydney, and I am thrilled to finally be able to answer the question.
'With the long-awaited return of the W brand in Sydney, Australia will now have three W hotels, along with W Brisbane and W Melbourne – demonstrating just how important and exciting this continent is for global travel.'
Set to become W Hotels' third Australian entry, the Darling Harbour accomodation was to feature a sleak, unique design with 593 stylish guestrooms, suites and serviced apartments
Light fixtures hang from the 593 luxury rooms of W Sydney while dust and dirt on the windows pollute the stunning views of Darling Harbour
Construction has come to a complete standstill, with the only sign of life a solitary security guard casting a watchful eye over the complex
The site is on the same location as the former IMAX theatre, with the new one to be a huge part of the design.
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