Administrators appointed for Raptis’ Hilton Hotel
Karina Randall (media enquiries only)
Corporate Affairs & Communications
Mobile: 0414 823 712 (weekend)
Tel: +61 (0) 2 9322 3778
Boulevard Retail Pty Limited
Boulevard Commercial Pty Limited
Brehm Pty Limited
Brimmingdale Pty Limited
Dolphin Management Pty Limited
Dolphin Retail Pty Limited
Elan Boulevard Pty Limited
Keande Pty Limited
One Twenty One Pty Limited
Orchid Avenue Pty Limited
The Directors of the above companies (as part of the Raptis Group) have appointed Deloitte Corporate Reorganisation Group partners, Sal Algeri, Simon Cathro and John Greig as voluntary administrators.
The companies are those associated with a $700m development of the Hilton Hotel on the Gold Coast.
The Raptis Group of which the above companies are members has been a Gold Coast development company for more than 30 years. After recent appointment of administrators to the Raptis building company Rapcivic, the Hilton Hotel development was facing setbacks due to the current volatile economic times.
Mr Algeri stated that Raptis’ intended to engage a major Australian builder to provide guaranteed completion of the hotel/apartment complex, with the continued support of ANZ the major funder of the project.
ANZ will work with the voluntary administrators to finalise the building contract and associated governmental issues that affect the cost of the project. They expect a positive outcome that will allow completion of the Raptis Hilton Surfers Paradise development.
Initial estimates suggest that completion of the project will have a positive impact on returns to unsecured creditors of the above companies to which the voluntary administrator has been appointed.
During construction the project will create in excess of 300 construction jobs, and on completion the Hilton Hotel will employ a similar number of staff.
“Hilton will still operate the hotel and have naming rights,” Mr Algeri says.
“I expect to hold the first meeting of creditors in Brisbane in eight working days.”
“However, it is expected that at the second, and major, meeting of creditors, an offer will be put forward to creditors in the form of a deed of company arrangement, in order to allow the completion of the Hilton project.”
For further general information on the voluntary administration process, please refer to: www.asic.gov.au/insolvencyinfosheets
For further information for clients and creditors:
Corporate Re-organisation Group