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Five-star CBD hotels prime pickings for snob value
 
    

BRISBANE'S latest snob status symbol is an inner-city apartment tied to a five-star hotel. And the Hilton brand name just isn't good enough.

A rush of $1 million plus units is planned for the inner city with four major hotel operators likely to add their names and operations to the tower developments.

Westin and boutique hotel operator Mirvac Hotels have already been linked to two towers and another two unnamed operators also are poised to jump aboard with their own Brisbane projects.

Valet parking, room service and access to hotel facilities are among the attractions for the big money.

"They want to use the facilities and be a part of the hotel lifestyle, and they don't want it to be a Hilton or something like that, they want a cut above," property researcher Michael Matusik said.

"Many of these buyers are well-off and well-travelled and they are used to good lifestyle. It's the tie-in of service and branding, and there's a bit of snob value in this.

"It's the ability to say: 'My operator is a Westin, what's yours?"'

The Westin project at Empire Square, near the Myer Centre, has already picked up more than 80 buyers for the units each costing about $1.3 million. "They assume the quality of the project will be high," Mr Matusik said. "It's like a Greg Norman golf course development, it's got nothing to do with golf. People assume that it will be done well because he's an icon."

Adding to that will be Devine's $1 billion French Quarter project on Albert, Alice and Margaret streets.

The first stage will feature a tower with a luxury six-star hotel, apartments, retail and commercial space and Parisian-style cafes and walkways.

The Vision 79-level residential, commercial and retail tower also is expected to add even more millionaires to the mix and change the character of the CBD.

While inner-city units are not new, many are rented to international students, which has meant Australian-born residents are a minority in the CBD, according to statistics.

Property expert Terry Ryder, from hotspotting.com.au, said apartments were increasingly favoured by buyers because of affordability and lifestyle, especially Generation.

"They want to be close to the action and are happy to live in a smaller home as long as it is wired, in terms of technology," he said.

Mr Ryder said commuting, road tolls, petrol prices and particularly the cost of parking were making life expensive for city workers commuting from the suburbs every day.

Adding to the influx will be the controversial North Bank project on the Brisbane River. While still on the drawing boards, North Bank is expected to have a significant residential mix.

 
 
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