New Quay West Resort for Queenstown

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. October 14, 2008

QUEENSTOWN, New Zealand, April 16, 2008. Leading hotel and resort management company Mirvac Hotels & Resorts has entered into a hotel management agreement with Melview Developments for the management of a Quay West Resort in Melview's Queenstown Kawarau Falls Station development, in the South Island of New Zealand.

Under the agreement, Mirvac will manage the apartment style resort under the group's luxury 5 star Quay West Resort brand which will become part of the Mirvac Hotels & Resort chain.

To be known as 'Quay West Resort Queenstown', the hotel comprises 195 one, two and three bedroom apartment style guestrooms, extensive meeting space, an up market all day dining restaurant and bar, as well as a Day Spa, gymnasium and swimming pool.

The announcement of Quay West Resort Queenstown brings the total of five star hotel rooms at the Kawarau Falls Station development to 593 with Mirvac's property joining the already signed Westin and Inter Continental international hotel brands.

The new Quay West Resort Queenstown development is a significant step in the market for Mirvac, one of Australia's leading developers and pioneers of the Quay West apartment style hotel accommodation, becoming one of the first Quay West branded property not designed and built by Mirvac.

Mr Andrew Turner CEO of Mirvac Hotels & Resorts said, "Quay West Resort Queenstown is an important part of our overall expansion program and complements our plans to manage high quality resorts in prime locations. We are delighted to again partner with Melview for this exceptional project, having built a very solid relationship with the development of our "Sebel" property in Auckland".

"Quay West Resort Queenstown will be our first Quay West resort outside of Australia and we have been very particular about the location, the developer and our branding. I am confident this partnership will deliver a stylish new resort experience to Queenstown, which will further enhance the South Island's standing as one of New Zealand's premier holiday destinations".

"The Melview Kawarau Falls Station development fits perfectly into every category of our 5 star resort brand with Quay West Resort Queenstown joining the very successfully positioned sister properties, Quay West Resort Bunker Bay (in the Margaret River wine region of Western Australia) and Quay West Resort Magenta Shores (on the central coast of New South Wales)" upon completion". said Mr Turner.

Recent research commissioned by Melview from industry leaders Horwath HTL Ltd quantifies Queenstown's profile as an international tourism destination. The research also established that Queenstown will reap significant benefit from the development of internationally branded hotels such as Quay West and their affiliated chains, bringing unprecedented exposure to the area from their worldwide hotel network of sales and marketing.

Construction of the overall Kawarau Falls development is currently running on schedule in what will be a four year project expected to be worth in excess of $1 billion. At its peak, the project is expected to be the single largest employer in Queenstown, with some 880 people working on, and off the site.

Quay West Resort Queenstown will begin construction in 2008 and is expected to open January 2011.

The Kawarau Falls Station development in Queenstown, on a landmark seven hectare waterfront site, is the only true North-facing "High Density Residential" zoned development site in Queenstown and, on completion, the development will feature 13 individual buildings nestled into the landscape with boulevard-style streets, restaurants and parks.