Australia’s Star Entertainment Group has put one of its Gold Coast hotel assets on the market.
According to information from real estate giant Colliers, the Sheraton Grand Mirage Resort Gold Coast, which was acquired by Star and its Hong Kong partners Chow Tai Fook and Far East Consortium in January 2017 for AU$140 million (US$93 million), is up for sale again with an asking price in excess of AU$200 million (US$132 million).
The property, covering 3.45 hectares of land and boasting 215 meters of beach frontage, is located about eight kilometers north of The Star Gold Coast.
Dan McVay, of joint sales agent McVay Real Estate, said the hotel remains a local icon some 36 years after it first opened in 1987.
“The resort has been operated by Marriott International under the Sheraton brand,” said McVay, adding that an opportunity exists to bring in a new brand or management company.
“Progressive refurbishments have ensured that all rooms and facilities within the hotel remain at the highest of standards, though an incoming investor has a multitude of upside positioning strategies that can be deployed, both to the rooms as well as the extensive F&B and leisure facilities at the resort.
“We are excited to see what the next chapter holds for the resort and are sure that there will be strong domestic and international interest to be the next custodian of this piece of history.”
Star had flagged the potential sale of non-core assets in a recent earnings and outlook update in which it flagged a non-cash impairment charge in relation to its NSW business in the range of AU$400 million to AU$1.6 billion (US$277 million to US$1.12 billion) due to a proposed increase in the NSW casino duty rate.
The company is also gearing up or the opening of its AU$3.6 billion (US$2.38 billion) Queen’s Wharf Brisbane development at the end of this year.
