Interesting reading this comment from the developer who would know as being in the industry:
With the high cost of land, construction and operating costs of a new builld hotel of this size are too expensive now. This would explain why other large projects have not got off the ground. Lucky that the Distinction is being repaired as well. Still no news on the old Noahs Hotel still stuck in insurance disputes.Building a new hotel from scratch in the central city would not have been financially viable, he said.