Billionaires Chris Morris and the Tarascio family are betting regional tourism will remain resilient, even as consumer spending slows, by pushing ahead with plans for a $130 million hotel on the site of the former Isle of Wight pub on Phillip Island.

The Rich Listers, and their partners, Melbourne hospitality investor Mazen Tabet’s Tabet Development Group and local developer Moda, are seeking funding after the development was approved last week. They aim to start building in six months.