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One of Australia’s most prominent resorts, co-owned by Star Entertainment Group and Far East Consortium, has been listed with an asking price of more than $200 million.
It comes after rumours last year that investors were circling the Sheraton Grand Mirage Resort at Main Beach, a Gold Coast pocket luring big investment in 2023 as the next uber-rich enclave.
The Gold Coast generally is being touted as one of the hottest hotel investment markets in Australia this year, according to real estate services company JLL.
Star appointed Sam McVay and Dan McVay of McVay Real Estate, Adam Bury and Taylor O’Brien of JLL, and Karen Wales and Steven King of Colliers to manage an international expressions-of-interest campaign, which closes next month.
The joint venture is also developing Brisbane’s $3.6-billion Queens Wharf Resort and casino project.
“Every astute investor with an interest in prime Australian real estate should consider this investment opportunity,” Colliers Australia head of hotels Karen Wales said.
The notable Gold Coast hotel is on 3.45ha of land, including a large amount of prized beach frontage.
Star and Far East Consortium acquired the site for $140 million in 2017, and the Star tipped $40 million of equity into the deal.
Corporate high-flyer Christopher Skase, who later died a fugitive from Australian law, was the original mastermind behind the building and development in the 1980s.
The Gold Coast remained one of the fastest-growing regions across Australia, according to JLL executive vice-president of investment sales Adam Bury, and was forecast to hit 1.2 million residents by 2050.
“Progressive refurbishments have ensured that all rooms and facilities within the hotel remain at the highest of standard,” Wales said of the Sheraton.
“In addition to these dedicated rooms there are five additional outdoor areas within the hotel grounds, which can hose sizeable cocktail and banquet events.”
The hotel opened in 1987 with extensive facilities operated by Marriott International under the Sheraton brand.
JLL reportedly banked $1.93 billion of hotel deals in 2022.
Last year CBRE tracked 53 hotel transactions valued at more than $10 million—a record number of deals, which was 39 per cent above the 10-year average.
That momentum has continued into 2023 with the recent sale of the first Australian Waldorf Astoria hotel to Tattarang property company Fiveight.
