Star Entertainment Acquires the Sheraton Grand Mirage Resort Gold Coast
The well-known Aussie firm, The Star Entertainment Group Ltd. has made an important announcement. It has stated that it has managed to acquire the Sheraton Grand Mirage Resort Gold Coast. This property is a hotel and a resort that houses 295 rooms. This acquisition was through a partnership with Chow Tai Fook Enterprises Ltd which is based in Hong Kong, as well as FEC International Ltd. This acquisition will enable the Star Entertainment Group, which is based in Sydney to hold a fifty percent stake in the 5-star venue in Queensland. Currently, it is under the operation of the American hotel company, the Marriott, which is a long term agreement. On the other hand, each of the other partners get a share of 25% of the stakes.
The Sheraton Mirage Resort
The Sheraton Queensland venue is quite a unique and a distinctive destination for tourism. This is because it is the only 5-star beachfront resort at the Gold Coast area. This was made clear during a statement by the CEO and managing director of the company, Matt Bakier. He added that this property is a high value asset and that the company is looking forward to enhancing the appeal of it over the course of time. He added that they would also respect the distinctive natural environment around it and the unique character of the area, as they have to be preserved.
Existing Portfolio of Star Entertainment Assets
The group already operates a number of assets such as the Star Sydney property in the NSW area and Brisbane’s Treasury Hotel and casino.The company is also spending around $265 million in order to fully renovate and refurbish the Jupiter Hotel and Casino in the Gold Coast. This property is located only 5 miles south of the newly acquired property, the Grand Mirage Resort.
The company believes that the new asset is going to provide a great complement to the existing assets of the company. This acquisition is certainly going to offer the guests of The Star Entertainment a great mix of beachfront and urban luxury. This enables it to offer world class and diverse experiences to its clients. Lastly, he said that the Star Entertainment group views the tourism sector to be quite a significant economic driver for Australia and the Queensland area, and that the purchase of the new property certainly reflects such confidence.
Star Entertainment is planning to open the integrated casino resort that is located in the Queen’s Wharf district by 2020. This property is currently under construction and it is worth $2.3 billion. As for the Star Sydney casino, it is expected to welcome its guest to the new 6-star $375 million hotel by late 2020, which is going to be managed by the Ritz Carlton.