The Star to sell Sheraton Grand Mirage Resort Gold Coast

The Star Entertainment Group has reached an agreement to sell the Queensland property for AU$192m.

Australia.- The Star Entertainment Group has reported that it has reached an agreement to sell the Sheraton Grand Mirage resort on Australia’s Gold Coast. It will sell the venue to entities owned by the Karedis and Laundy families for AU$192m (US$128.1m).

The beachfront property was 50 per cent owned by Australian Wattle Development, a subsidiary of The Star, alongside Hong Kong Stock Exchange-listed Far East Consortium and Chow Tai Fook, which each have 25 per cent. The joint venture acquired the Sheraton in early 2017 for AU$140m, with The Star contributing AU$40m of equity for the 295-room hotel.

According to a statement issued by The Star Entertainment Group, the deal is “subject to the buyer obtaining approval to the transfer of the liquor licence from the Queensland Office of Liquor and Gaming Regulation.” It had announced that the property was for sale in March.

The Star has recently announced the failure of a planned sale and partial leaseback transaction involving the Treasury Casino and Hotel buildings and Queen’s Gardens Car Park. According to a company’s statement, Charter Hall decided not to proceed with the transaction due to the conditions not being satisfied within the specified timeframe.