- The resort was originally built for circa $100 million in 1987 by developer Christopher Skase
- Last transacted for $140 million in 2017, the hotel now has price expectations of over $200 million
- The hotel which has racked up a star-studded guest list over the years including King Charles and George Clooney
Built in the 80s by developer Christopher Skase, the Sheraton Grand Mirage Resort, has now been placed on the market with price expectations of over $200 million. The Star Entertainment Group (ASX: SGR) is one of the consortium owners taking the hotel to the market.
The hotel which has racked up a star-studded guest list over the years including King Charles and George Clooney is located on The Spit at the northern end of the
Gold Coast. It offers 215m of beach frontage and a land area of 3.45 hectares.
The resort was originally built for circa $100 million in 1987 by Skase through his Quintex group. The businessman famously became one of Australia’s most wanted fugitives after Quintex collapsed and he fled to Majorca, Spain where he passed away in 2001.
The 295-room resort has seen a number of refurbishments and has changed hands several times over the years with Star Entertainment and its consortium acquiring it in 2017 for $140 million.
The Sheraton Grand is sold as a part of Star Entertainment’s non-core asset sales program with the property being marketed by Colliers, McVay Real Estate and JLL.
Gold Coast hotel market strong
Star Entertainment may benefit from the Gold Coast’s hotel boom.
JLL Executive Vice President, Adam Bury said the Gold Coast remained one of the fastest-growing regions in Australia.
“The City of Gold Coast continues to develop and expand with an estimated resident population of over 1.2 million by 2050,” Mr Bury said.
“This demand has stemmed from strong interstate investment with elevated dwelling prices in both Sydney and Melbourne who are drawn to the affordability the Gold Coast provides,” he said.
“Likewise the hotel sector has seen incredibly strong post-pandemic performance across South East Queensland and especially on the Gold Coast in the five-star sector.”
Adam Bury, JLL Executive Vice President
“As South East Queensland moves towards the 2032 Brisbane Olympics and the so-called golden decade, supply and demand is expected to remain in hotel owners’ favour with continued elevated performance.”
The Spit Master Plan
The Spit was nominated as Australia’s third-best beach for 2022 according to Tourism Australia.
In May 2019, the Queensland Government released the Split Master Plan. With the state government committing $60 million to the master plan’s implementation. The primary strategy involves implementing community infrastructure initiatives and opening up previously undeveloped land to create novel development possibilities.
Expressions of interest for the Sheraton Grand Mirage Resort will close on Friday, 21 April 2023 at 4 pm.
