The Urban Developer
AdvertiseEventsWebinarsUrbanity
Industry Excellence
Urban Leader
Sign In
Membership
Latest
Menu
Location
Sector
Category
Content
Type
Newsletters
AFFORDABLE HOUSING DEVELOPMENT SUMMIT THURSDAY, AUGUST 28, 2025
AFFORDABLE HOUSING SUMMIT THURSDAY, AUGUST 28, 2025
EVENT DETAILSDETAILS
TheUrbanDeveloper
Follow
About
About Us
Membership
Awards
Events
Webinars
Listings
Resources
Terms & Conditions
Commenting Policy
Privacy Policy
Republishing Guidelines
Editorial Charter
Complaints Handling Policy
Contact
General Enquiries
Advertise
Contribution Enquiry
Project Submission
Membership Enquiry
Newsletter
Stay up to date and with the latest news, projects, deals and features.
Subscribe
ADVERTISEMENT
SHARE
6
print
Print
HotelTaryn ParisTue 27 Jun 23

Rich Listers Buy Up Sheraton Mirage in $192m Deal

The billionaire Laundy and Karedis families have bought up an iconic Gold Coast hotel for almost $200 million.

The Sheraton Grand Mirage Resort on 3.45ha of land at Main Beach was sold in line with market expectations, according to agents. 

It’s a lower figure than the $200 million-plus expectations of co-owners Star Entertainment Group and Far East Consortium. 

Star appointed Sam McVay and Dan McVay of McVay Real Estate, Adam Bury and Taylor O’Brien of JLL, and Karen Wales and Steven King of Colliers to manage the international expressions-of-interest campaign. 

In a statement to the ASX, Star Entertainment Group said the sale represented a multiple of 21 times estimated calendar year 2023 EBITDA—an industry standard measure—and a price of about $650,000 per key.  

The group acquired the Sheraton Mirage in 2017 for $140 million, and the sale was subject to the consortium receiving approval for the transfer of the liquor licence from the Queensland government. 

The Laundy and Karedis families jointly own a number of high-profile beachfront hotels, including the Sofitel at Noosa, Manly Pacific, and Crown Plaza at Terrigal. 

Colliers head of hotel transactions Karen Wales said the sale was indicative of investor confidence in the Australian hotel market. 

“The sale of the Sheraton Grand Mirage Resort, which boasts a prime beachfront location, represents an uplift of more than 80 per cent per key on the last high-end hotel to trade on the Gold Coast, the Hilton Surfers Paradise, which sold in 2019 for $355,000 per key,” Wales said.

“Global luxury resort liquidity is at an all-time high, as investors and operators are increasingly attracted to hotels such as the Sheraton Mirage, which addresses consumer preferences for more authentic travel experiences post pandemic.

“The Sheraton Mirage’s diverse income stream, with extensive conference facilities and quality food and beverage offerings, will also contribute to the accelerated growth of the region and ensure the Gold Coast continues to be one of the best-performing hotel markets.”

Colliers research shows Gold Coast luxury room rates have reached an average of $485 per night over the past 12 months, while the average room rate across the board was $275. This was a 40 per cent increase on the year to April 2019. 

Brisbane’s Most Sought-After Development Projects — Queens Wharf Residences
▲ Star Entertainment Group has had to push back the opening of Queen’s Wharf to April 2024 following delays to its construction program.


Star Entertainment Group chief executive Robbie Cooke said the group remained committed to one of the fastest-growing regions in Australia. 

“As the tourism sector continues to recover and flourish, hotel accommodation across south-east Queensland will continue to experience elevated performance and reap the rewards driven by the sought-after nature of this prime destination,” Cooke said.

“Our $2-billion-plus masterplan for The Star Gold Coast continues to advance and deliver new, world-class resort facilities across multiple towers, together with exciting new restaurant and bar precincts, entertainment, and retail options.

“Our vibrant offering already includes three hotels, with another planned for completion in 2024, along with short-term leasing options that create at scale one of the most significant tourism accommodation portfolios nation-wide.”

HotelGold CoastAustraliaReal EstateSector
AUTHOR
Taryn Paris
More articles by this author
ADVERTISEMENT
TOP STORIES
Traders in purple Northsea Wollongong EDM
Exclusive

Affordable Housing Bonus Drives Mixed-Tenure Momentum

Clare Burnett
6 Min
Exclusive

Industry Stoush Looms Over Construction Code Pause

Patrick Lau
4 Min
Exclusive

New Wave of Capital Washes Over Evolving Surf Park Sector

Phil Bartsch
11 Min
North Sydney TUD Plus HERO
Exclusive

NSW Housing Fix Tips North Sydney into New Era

Vanessa Croll
7 Min
 GemLife site Currumbin Waters EDM
Exclusive

Pop-Out Apartments Power GemLife’s $450m Vertical Experiment

Clare Burnett
6 Min
View All >
Broadbeach 38-40 Australia Avenue DA Approval render hero
Development

Tripling Down on Gold Coast Tower Plans Pays Dividends

Phil Bartsch
Residential

Spyre Wins Approval for ‘Aspirational’ Tugun Luxury Project

Taryn Paris
Kincrest The Osment Prahran HERO
Development

Kincrest Breaks Ground on its $100m Prahran Luxury Project

Leon Della Bosca
Half of The Osment apartments have been sold and a $10-million sub-penthouse sales already in the books before shovels h…
LATEST
Broadbeach 38-40 Australia Avenue DA Approval render hero
Development

Tripling Down on Gold Coast Tower Plans Pays Dividends

Phil Bartsch
2 Min
Residential

Spyre Wins Approval for ‘Aspirational’ Tugun Luxury Project

Taryn Paris
2 Min
Kincrest The Osment Prahran HERO
Development

Kincrest Breaks Ground on its $100m Prahran Luxury Project

Leon Della Bosca
4 Min
Billbergia Legacy HDA
Residential

Two 60-Storey MacPark Towers Fast-Tracked

Clare Burnett
3 Min
View All >
ADVERTISEMENT
Article originally posted at: https://www.theurbandeveloper.com/articles/rich-lister-consortium-sheraton-mirage-laundy-karedis-sale