Hotel tycoons likely to snap up Sheraton Grand Mirage

Billionaire hoteliers Arthur Laundy and the Karedis family are doing their due diligence for the purchase of the Sheraton Grand Mirage on the Gold Coast from gaming giant Star Entertainment and its partners.

The exclusive due diligence to buy will put them $190 million out of pocket.

Laundy and the Karedis are long-time collaborators and co-investors having already had an impact in Queensland with the Sofitel Noosa.

Should the acquisition of the Sheraton go through, they will revamp the property to include luxury residences to go alongside the hotel.

The hotel is currently the Gold Coast’s only five-star absolute beachfront resort.

The Laundy and Karedis families beat out US chain Outrigger for the rights to buy and plan to restore it to its former glory, including being a mecca for tourists.

The co-investors hope to capitalise on interest in the region ahead of the coming Olympic Games, as well as a resurgence in demand for Gold Coast property developments which is driving up room rates.

The renovation will be a costly one as the property needs to be brought up to modern standards.

The Gold Coast is currently a hive of activity with Melbourne property developer Ross Pelligra developing a $480 million Ritz Carlton hotel and superyacht marina at Mariner’s Cove at Main Beach in partnership with developer Dean Giannarelli.

Property developer Gurner is working with Marriott International to develop the St. Regis Gold Coast Resort. This will be one of three towers in the luxury $1.7 billion La Pelago resort-style project in the high-end Budds Beach precinct.

Jonathan Jackson - 1-6-23