Resort built by Christopher Skase fetches $192m
Arthur Laundy and the Karedis family have bought the Gold Coast’s Sheraton Grand Mirage, developed in the 1980s by late businessmen Christopher Skase.
The 3.4 hectare hotel and conference centre at 71 Seaworld Drive, Main Beach, next to the Gold Coast Seaway and near Sea World, is speculated to be trading for $192 million.
Star Entertainment was the vendor; backed by Hong Kong’s Far East Consortium and Chow Tai Fook, which owns casino, hotels, department stores and has interest in jewellery, transport, energy, telecommunications businesses, it paid $140m in 2017.
The property was listed in March via an expressions of interest campaign closing on April 21.
Colliers’ Karen Wales and Steven King, JLL’s Adam Bury and Taylor O’Brien and McVay Real Estate’s Dan McVay and Sam McVay were the agents.
The Laundy and Karedis families are believed to have outbid Hawaii based private equity owned Outrigger.
The buyers have a long history of investing together; their book also includes the Sofitel Noosa, Crowne Plaza Terigal and the Manly Pacific in Sydney, where they are both based.
It is expected the already modernised Gold Coast complex will again be renovated.
Some suites might also be sold down as apartments, according to sources.
Main Beach is about two kilometres north of Surfers Paradise (story continues below).
Sheraton Grand Mirage
One of two absolute beachfront resorts on the Gold Coast – and the only to be rated 5-star – the Sheraton Grand Mirage contains 295 suites and 18 villas, a restaurant and ballroom which dubs as a conference and event space.
There are 18 villas too, in two standalone buildings.
Structures rise between two and three storeys.
There is also a pool and internal lagoon constructed around two islands, which many non-beach facing apartments look into.
The deal comes four months since Bill and Mario Gravanis’ Oscars Hotels paid ex-Rothchild Bank managing director David Kingston c$100m for the Crowne Plaza Surfers Paradise – the Sydney group’s maiden Queensland acquisition.
Also last year, at Main Beach, Pelligra Group and the Giannarelli family unveiled plans for a 150-suite Ritz Carlton as part of a $480m Mariner’s Cove project spreading 1.15ha, while Shakespeare Group acquired the Palazzo Versace, across the road from the Sheraton Grand Mirage, for c$114m (that operator, earlier this year, announced it would quit its tenancy).
Shakespeare, Pelligra and the Giannarelli family are Melbourne based.
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