Sheraton Grand Mirage hits market with $200m price tag

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The 295-room resort originally developed by Christopher Skase in the 1980s is being sold by consortium led by embattled casino operator Star Entertainment.

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.

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. Standing on a 3.45ha site across two parcels of leasehold land and offering more than 215 metres of beach frontage, the Sheraton Grand Mirage was one of two Mirage resorts – the other at Port Douglas – developed by the late businessman, Christopher Skase, before the collapse of his business empire and exile to Spain.

 

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