South Australia’s super wealthy Shahin family has expanded its business interests into the accommodation sector with plans to develop a 100-room Rydges hotel at its The Bend Motorsport Park outside Adelaide.
The new hotel, to be developed within the racetrack’s main pit building, will give guests the ultimate motor racing experience with most of the rooms overlooking the track.
Due to be completed in April 2018, the Rydges Pit Lane Hotel will be operated by ASX-listed Event Hospitality and Entertainment backed by billionaire hotel tycoon Alan Rydge, adding to its portfolio of 37 Rydges, QT and Atura hotels.
It will add another string to the bow of the Shahin’s Peregrine Corporation, which turns over $2 billion a year from its chain of On The Run petrol and convenience stations, Smokemart & GiftBox tobacco outlets, Krispy Kreme doughnut shops and numerous other retail and retail property investments.
Founded in 1984 by Palestinian-Lebanese war migrant Fred Shahin with the acquisition of a small BP service station in Woodville Park, the family’s On The Run petrol station empire now dominates the Adelaide retail fuel market with drivers reportedly unable to drive more than two minutes without passing one of their outlets.
Mr Shahin died in 2009 when the running of the company – the largest private company in South Australia and in the top 15 nationally – passed into the hands of his sons Charlie, Sam and Yasser.
Peregrine Corporation director Sam Shahin said the hotel would bring a new level of viewing and convenience for motorsport fans.
“This is truly revolutionary not just for The Bend Motorsport Park, but for South Australia and motorsport in Australia,” he said.
“We anticipate The Bend Motorsport Park project will cost approximately $100 million, whilst injecting $236 million into the local economy annually and generating over 1500 jobs for the region.”
The new hotel will be the second Rydges to overlook a racetrack alongside Rydges Bathurst, which stands on the famous Mount Panorama race track, with uninterrupted views of Conrod Straight.
“The Rydges Pit Lane Hotel will offer an unparalleled experience for motor sports enthusiasts. They will be able to absorb the excitement of the racing action from their hotel room balconies overlooking the pit lane track,” said Event director of hotels and resorts operations, Norman Arundel.
All 100 rooms in the four-star hotel will be well insulated with double glazing to block out the noise of revving engines when desired. It will include a function centre, with multiple rooms, which can host from 20 to 600 people.
Keep up with Commercial Real Estate news.