CRYSTALBROOK Collection has acquired The Reef Marina in Port Douglas, announcing it will invest a further $100 million into the marina, which will be renamed Crystalbrook Superyacht Marina.
The group plans to construct a 100-room five-star boutique hotel, 50 premium residences and to enhance the retail and dining areas.
The marina will be expanded with an additional 24 berths to the existing 132 berths, be able to accommodate superyachts of up to 50 metres in length.
“We want to bring to Port Douglas a globally recognised hotel and an incomparable experience for its guests,” Crystalbrook Collection chief executive officer Mark Davie said.
Construction of the hotel and residences is slated to begin in mid-2018, subject to government approvals, and is predicted to be completed in 2020.