SOLD – Gold Coast’s Sheraton Grand Mirage Resort
- 295 generous sized rooms & suites
- Large 3.45ha* beachfront site
- Extensive conference and event spaces
The prestigious Sheraton Grand Mirage Resort, which occupies a land area of 3.45 hectares and beach frontage of approximately 215m on the Gold Coast, was sold in line with market expectations.
The sale is subject to the buyer obtaining approval to the transfer of the liquor licence from the Queensland Office of Liquor and Gaming Regulation.
The purchase by the Karedis and Laundy families, who jointly own a number of well-known beachfront hotels, including the Sofitel Noosa, Manly Pacific and Crown Plaza in Terrigal, signifies continued investor confidence in the Australian hotel market, according to Colliers’ Head of Hotel Transactions Karen Wales.
“The sale of the Sheraton Grand Mirage Resort, which boasts a prime beachfront location, represents an uplift of more than 80% per key on the last high-end hotel to trade on the Gold Coast, the Hilton Surfers Paradise, which sold in 2019 for $355,000 per key,” Ms Wales said.
“Global luxury resort liquidity is at an all-time high, as investors and operators are increasingly attracted to hotels such as the Sheraton Mirage, which addresses consumer preferences for more authentic travel experiences post pandemic.
“Well-known for being sought-after by celebrities, tourists and the Australian population alike, in addition to hosting events of international significance, the Gold Coast’s Sheraton Grand Mirage Resort is of the highest standard, and selective upgrades will enhance this iconic landmark for decades to come.
“The Sheraton Mirage’s diverse income stream, with extensive conference facilities and quality food and beverage offerings, will also contribute to the accelerated growth of the region and ensure the Gold Coast continues to be one of the the best performing hotel markets.”
Gold Coast luxury hotel room rates reached an average of $485 over the past 12 months, underpinning the boost in room rates across all hotels in the region to an average of $275 – a 40% increase on the year to April 2019, according to Colliers’ research.
Colliers, McVay Real Estate and JLL negotiated the sale of the Sheraton Grand Mirage Resort on the Gold Coast on behalf of The Star Entertainment Group and consortium partners, Chow Tai Fook Enterprises and Far East Consortium.