Sheraton Grand Mirage Hotel on market for $200M

The Sheraton Grand Mirage Hotel on the Gold Coast is up for sale, hitting the market for a whopping $200 million.

The jewel in Christopher Skase's legacy, which was built back in the anything goes days of 1987, is well known for hosting royalty and movie stars.

It was one of two Mirage resorts, with the second adorning the beach at Port Douglas.

Star Entertainment Group purchased the property back in 2017 and is said to have already listed it twice, without success.

Agent Colliers is hoping the third time’s a charm.

The 295-room hotel is on a sprawling 3.45ha site, on prime beachfront at the Southport Spit.

“The likelihood of anyone ever assembling a 3.45ha beachfront site on the Gold Coast is considered extremely remote in terms of financial cost and the practicalities of dealing with the number of property owners such an amalgamation would require,' the market listing reads.

“Every astute investor with an interest in prime Australian real estate should consider this investment opportunity.”

Prince Charles, George Clooney and Sting are just a few celebrities that have stayed at the hotel, which signified 1980s wealth and decadence.

That decadence came back to bite Skase, when he was forced to hand over the keys to receivers.

Skase fled the country after the collapse of his Quintex Group and died one of th4e country’s most wanted fugitives in 2001 in Spain at aged 53 of stomach cancer. 

However, his $100million Four Mile Beach legacy lived on and was bought by Indian-based Pearl Australasia for $62.5million in 2009. 

The hotel was taken over by Star Entertainment Group after a major refurbishment, however was found unsuitable to hold casino licences in Queensland.

When Star was hit with a $100 million fine from the state government, it was time to sell.

Insiders believe the $200million price tag is too much, however it does have a five-year tenancy contract with Marriott Hotels.

“It was a marvel in its day but she's old and looking like she needs quite a bit of work,' said one developer.

One thing that could work in its favour is the extensive development of the area over the next five years including $1.5billion in projects highlighted by the $300 million Mantaray Marina.

The Marina Mirage shopping precinct may also be overhauled by billionaire Con Makris.

Jonathan Jackson - 22-3-23