The Gold Coast’s only beachfront five star hotel,
Sheraton Mirage Resort and Spa, is on the market.
Pearls Australasia Pty Ltd acquired the Sheraton Mirage Resort and Spa, Gold Coast, in 2009.
In 2011 they undertook an extensive refurbishment of the 295-room resort that positioned the five-star property as the leading resort hotel in Queensland causing significant revenue growth.
Knight Frank Gold Coast in a joint agency agreement have been appointed to market the unique property internationally through an Expressions of Interest campaign that will close at 4:00pm Friday, September 19, 2014.
Located on five hectares of absolute beach frontage, it is located in what is regarded as the most prestigious and sought after location on the northern side of Surfers Paradise.
“The Australian hotel investment market has experienced unprecedented levels of activity over recent years and this is set to continue with a record $2.5b in transactions expected this year," said Knight Frank’s Joint Managing Director, Mark Witheriff.
"We continue to experience very strong levels of interest from not only Asian investors, but an increase in appetite from Middle East and American groups looking to enter the market at a time when fundamentals are very positive,” Mr Witheriff added.
The decision also follows unsolicited off-market approaches to acquire the hotel and significant and growing international buyer interest in the exclusive property.
Starwood Hotels is contracted, under option, until 2022 as Hotel Manager of the landmark property.