Big $30M “clean up” of the Grand Sheraton Mirage coming
Thirty million dollars will be spent cleaning up the Grand Sheraton Mirage on the Gold Coast.
Pun baron Arthur Laundy and joint venture partner Sydney’s Karedis group acquired the hotel from The Star Entertainment for $192 million and a prepared to sink in a further $20 million to $30 million to “clean up the joint”.
Between them, Laundy and the Karedis family own around $600 million worth of properties on peak beachfront locations including the Crowne Towers on the NSW Central Coast, Sydney’s Manly Pacific Hotel and the centrepiece Sofitel Noosa.
The Grand Hyatt is considered to be in the best position on the Gold Coast.
The JV is also rumoured to be interested in a property in Adelaide.
Laundy said there were “big plans” for the renovation of the Sheraton Grand Mirage and the 3.45 hectare beachfront site.
“There’s work to be done,” he said.
There are 295 rooms across 215 metres of beachfront at the Grand Hyatt and no plans to add extra rooms, however council approval will likely be required for some work and it may take 18 months before work commenced.
Laundy’s daughter Justine is likely to be involved with reinstating the Sheraton Grande Mirage to its former glory. She is currently in charge of interior redesigns of some of Laundy’s 90 pubs including the Woolwich Pier Hotel. Laundy is also looking to redevelop the Oxford Hotel in the inner west suburb of Drummoyne, with plans for a rooftop garden.
Of the Sheraton he said, “It’s a very interesting one that the Gold Coast over the years has been spoilt by the amount of high rise,” he said.
“But this is on an isthmus leading out and it’s a very pretty area.”
Laundy also said an announcement about the Gold Coast’s Palazzo Versace is on the cards as it is about to lose its 23 year-association with the Versace brand on July 31.
Jonathan Jackson, 4th July 2023
