Casino gold coast accommodation10/31/2023 Sale of the Gold Coast resort was flagged in February, at the same time as the debt-laden casino and resort operator unveiled a heavily discounted $800 million equity raising after reporting a statutory net loss of $1.26 billion driven by a $1 billion write-down of The Star Sydney. Star has been quietly shopping around the 295-room resort for months, but has now appointed Sam McVay and Dan McVay of McVay Real Estate, Karen Wales and Steven King of Colliers and Adam Bury and Taylor O’Brien of JLL to offer it publicly via expressions of interest closing on April 21st. The Sheraton Grand Mirage was built by Christopher Skase. Star and its Hong Kong-based partners are also the developers of the $3.6 billion Queens Wharf resort and casino in Brisbane. The JV partners acquired the hotel for $140 million in early 2017 with Star tipping $40 million of equity into the deal at the time. The five-star beachfront hotel opposite Sea World at Main Beach is 50 per cent owned by Star, with Hong Kong-listed developer and hotel operator Far East Consortium (the company behind the new Ritz-Carlton Melbourne that will open next week) and Hong Kong-based conglomerate Chow Tai Fook controlling 25 per cent each. The Sheraton Grand Mirage Resort on the Gold Coast has officially hit the market with a price tag of more than $200 million, as co-owner, embattled casino operator Star Entertainment Group, looks to further strengthen its balance sheet.
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