Ardent Leisure, owner of Dreamworld has dumped its $75m plans for a new hotel, tourist park

A major Gold Coast theme park has dumped its plans for a 4-star 250 room resort-style hotel and tourist park after first announcing the development in May.

Dreamworld has dumped its plans for a $75m resort project after a breakdown in negotiations with the developer.

Parents company Ardent Leisure announced its plans for a new hotel and tourist park, Dreamworld Resort, in May.

Dreamworld aerial shot in 2016. Picture: NIGEL HALLETT

The project was to be funded and developed by Gold Coast Airport Hotel developer Evolution Group on part of the surplus land owned by Ardent next to the Dreamworld park.

The accommodation offering was to include a 4-star 250 room resort-style hotel, 40 bungalows and a 5-star tourist park with 100 powered sites.

In an announcement to the ASX on Tuesday, Ardent said those plans were off the table.

“Since notifying the market earlier this year that a non-binding agreement had been entered into with developer Evolution Group to develop a resort style hotel and tourist park adjacent to Dreamworld the parties and their advisers have been engaged in negotiations, however they have been unable to reach agreement on key aspects of the proposal,” the statement said.

“As a consequence, the Company has ceased these non-binding negotiations.”

The $32m Steel Taipan roller coaster.

Ardent, which launched its $30m Steel Taipan roller coaster at Dreamworld just last week, said it remained committed “to exploring an on-site tourist accommodation offering at Dreamworld”.

“(The board) will now focus its attention on progressing the other available options, as well as continuing to explore opportunities to maximise the Group’s total surplus land holdings adjacent to the park,” the statement said.

“The company is optimistic that, with the Queensland border now re-open, the theme park business will benefit from increased visitation off the back of pent-up demand.”

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