Billionaire hotel barons Arthur Laundy and Theo Karedis are set to add the Sheraton Grand Mirage Resort on the Gold Coast to their expanding empire with a value of more than $1 billion, spanning along the eastern seaboard.
The hotel, which was built by late fugitive developer Christopher Skase in the 1980s was put up sale by The Star Entertainment Group as part of its non-core asset sale program.
Having been one of the hardest-hit sectors during the global pandemic, hotels have bounced back to be better performers for investors against traditional office assets. The largest sale is Sydney’s Waldorf Astoria to billionaire mining couple Nicole and Andrew “Twiggy” Forrest for about $575 million through CBRE and McVay Real Estate.
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