Australian casino giant Star Entertainment Group and its Hong Kong-based partners have completed acquisition of the Sheraton Grand Mirage Resort in the country’s Gold Coast resort region.
ASX-listed Star, which has bought the beachfront resort with partners Chow Tai Fook Enterprises and Far East Consortium, is contributing around A$40 million to the purchase in exchange for 50 percent of the equity in the five-star Queensland hotel. Chow Tai Fook and Far East will hold 25 percent each.
The hotel is managed by Marriott International.
Matt Bekier, chief executive of Star, says the Sheraton is a perfect complement to the group’s existing properties?Jupiters on the Gold Coast, the Queen’s Wharf resort complex under construction in the Queensland capital of Brisbane in partnership with Chow Tai Fook and Far East and The Star gaming resort in Sydney.
“It is a highly valuable asset as it is and we will look to further enhance its appeal over time,” he said, “always respecting the unique natural environment and preserving the character of this special area.”
Star is looking to open the $2.3 billion Brisbane IR by 2022, while The Star Sydney is due to unveil a new $375 million six-star hotel managed by The Ritz-Carlton Hotel Company in late 2020.
