In Australia, The Star Entertainment Group Limited has announced that it has acquired the 295-room Sheraton Grand Mirage Resort Gold Coast hotel resort in partnership with Hong Kong-based Chow Tai Fook Enterprises Limited and Far East Consortium International Limited.
The acquisition sees Sydney-listed The Star Entertainment Group Limited hold a 50% stake in the five-star Queensland venue, which is operated under a long-term management agreement by American hotel giant Marriott International Incorporated, while each of its partners get 25% stakes.
“The Sheraton Grand Mirage Resort Gold Coast is a distinctive tourism destination [as] it is the Gold Coast’s only five-star beachfront resort,” read a statement from Matt Bekier, Managing Director and Chief Executive Officer for Brisbane-based The Star Entertainment Group Limited. “It is a highly valuable asset as it is and we will look to further enhance its appeal over time, always respecting the unique natural environment of The Spit and preserving the character of this special area.”
The Star Entertainment Group Limited already operates New South Wales’ The Star Sydney as well as The Treasury Casino And Hotel in Brisbane while it is currently spending approximately $265 million to fully refurbish and expand its Jupiters Hotel And Casino Gold Coast, which is located only five miles to the south of the Sheraton Grand Mirage Resort Gold Coast.
“We believe as an offering, [the Sheraton Grand Mirage Resort Gold Coast] will also provide a perfect complement to our existing properties where transformational developments are underway or set to proceed at Jupiters Hotel And Casino Gold Coast, Queen’s Wharf Brisbane and The Star Sydney,” read the statement from Bekier. “The opportunity to offer our guests diverse and world-class experiences and enjoy a mix of urban and beachfront luxury is enhanced by this acquisition. The Star Entertainment Group Limited views the tourism sector as a significant long-term economic driver for Queensland and Australia and the purchase of the Sheraton Grand Mirage Resort Gold Coast reflects that confidence.”
The Star Entertainment Group Limited is hoping to open its under-construction $2.3 billion integrated casino resort in the Queen’s Wharf business district of Brisbane by 2022 while The Star Sydney is due to begin welcoming guests to a new $375 million six-star hotel managed by The Ritz-Carlton Hotel Company in late-2020. The former project will see The Treasury Casino And Hotel transformed into a six-star boutique hotel and shopping mall with the operator explaining that its purchase of the Sheraton Grand Mirage Resort Gold Coast included an equity investment of approximately $30.6 million.