October 23, 2008

CONSTRUCTION giant Brookfield Multiplex has stepped in to rescue a $700 million Hilton project in Surfers Paradise, Gold Coast.

The project is the Hilton Hotel , being built by debt-stricken property firm Raptis Group.

Brookfield Multiplex will provide funding as a joint venture partner on the five-star hotel, with expectations the project will be completed in 2011.

Arrangements are to be finalised next month, Raptis said.

The Queensland-based company launched the dual tower Hilton Surfers Paradise in November last year and had been looking for rescue partners.