MELF developed the hotel concept for the spectator precinct of Royal Randwick Racecourse. The revenue stream for the development is anchored by a pre-commitment by the Toga Group to the 170 room 4.5 star hotel rooms. The development also includes a track facing restaurant, conference facilities and pool deck. The balconies facing trackside are set down below room level to double as corporate boxes on racedays.
The current feasibility shows a payback period of principal and interest in 11 years and thereafter providing the ATC with approximately AUS$11 million in free cashflow annually. Development consent for both the rezoning of the site and construction was achieved in 2014. Estimated Project value AUD$110m.
The hotel is part of a masterplan for Royal Randwick Racecourse with an estimated end value of approximately $2.5 billion which MELF has also been instrumental in developing.