{"id":777006665,"date":"2023-06-27T06:54:23","date_gmt":"2023-06-27T09:54:23","guid":{"rendered":"https:\/\/focusgn.com\/asia-pacific\/?p=777006665"},"modified":"2026-04-22T20:37:21","modified_gmt":"2026-04-22T23:37:21","slug":"the-star-to-sell-sheraton-grand-mirage-resort-gold-coast","status":"publish","type":"post","link":"https:\/\/focusgn.com\/asia-pacific\/the-star-to-sell-sheraton-grand-mirage-resort-gold-coast","title":{"rendered":"The Star to sell Sheraton Grand Mirage Resort Gold Coast"},"content":{"rendered":"\n

The Star Entertainment Group has reached an agreement to sell the Queensland property for AU$192m.<\/p>\n\n\n\n\n\n\n\n

Australia.- The Star Entertainment Group<\/strong> has reported that it has reached an agreement to sell the Sheraton Grand Mirage resort<\/a> 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).<\/p>\n\n\n\n

The beachfront property was 50 per cent owned by Australian Wattle Development<\/strong>, 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.<\/p>\n\n\n\n

According to a statement issued by The Star Entertainment Group, the deal is \u201csubject 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.<\/p>\n\n\n\n

The Star has recently announced\u00a0the failure of a planned sale<\/a>\u00a0and partial leaseback transaction involving the\u00a0Treasury Casino and Hotel buildings<\/strong>\u00a0and Queen\u2019s Gardens Car Park.\u00a0According to a company\u2019s statement, Charter Hall decided not to proceed with the transaction due to the conditions not being satisfied within the specified timeframe.\u00a0<\/p>\n","protected":false},"excerpt":{"rendered":"

The Star Entertainment Group has reached an agreement to sell the Queensland property for AU$192m.<\/p>\n","protected":false},"author":176,"featured_media":25794,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"is_press_release":false,"is_interview":false,"is_opinion":false,"focusai_summary":"The Star Entertainment Group has agreed to divest its 50% stake in the Sheraton Grand Mirage resort on Australia's Gold Coast for AU$192m to entities owned by the Karedis and Laundy families. This strategic asset sale, contingent on liquor licence transfer approval, follows a previously failed transaction involving the Treasury Casino and Hotel buildings.","focusai_entities":"The Star Entertainment Group, Australian Wattle Development, Far East Consortium, Chow Tai Fook, Karedis families, Laundy families, Queensland Office of Liquor and Gaming Regulation, Charter Hall","focusai_location":"Australia, Queensland, Gold Coast","focusai_target_profile":"ceo_executive (0.9), regulator (0.7), compliance_legal (0.8), operator_casino (0.9), investor_analyst (1.0), journalist_researcher (0.9)","focusai_suggestions":[{"label":"Impact on Net Debt?","query":"What is the projected impact of this AU$192m divestment on The Star Entertainment Group's net debt position and its capital allocation strategy for core gaming assets?"},{"label":"Strategic Alignment?","query":"How does this non-core asset sale align with The Star's broader strategic objectives for its integrated resort operations and B2C gaming verticals in the Queensland market?"}],"footnotes":""},"categories":[16336,157],"tags":[23871],"class_list":["post-777006665","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-australasia-news","category-business-news","tag-the-star-entertainment-group"],"_links":{"self":[{"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/posts\/777006665","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/users\/176"}],"replies":[{"embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/comments?post=777006665"}],"version-history":[{"count":2,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/posts\/777006665\/revisions"}],"predecessor-version":[{"id":777006684,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/posts\/777006665\/revisions\/777006684"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/media\/25794"}],"wp:attachment":[{"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/media?parent=777006665"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/categories?post=777006665"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/tags?post=777006665"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}