Star Entertainment has settled the sale of Sheraton Grand Mirage to the Laundy and Karedis families

The $192m sale of a high-profile Gold Coast beach resort has just been finalised. Read what the billionaire new owner has planned

The Star Entertainment Group and its partners have settled the $192m sale of the Sheraton Grand Mirage resort.

Pub mogul Arthur Laundy and his long-term business partner, Sydney’s Karedis family, outbid US private equity group Outrigger to buy the beachfront resort in June.

Sheraton Grand Mirage Resort Gold Coast.

The swim-up pool bar at Sheraton Grand Mirage Resort, Gold Coast

The Star expects to net around $60m from the sale of the famed hotel, in which it held a 50 per cent share with Hong Kong developer Far East Consortium and retailer Chow Tai Fook.

The consortium bought the property for $140m in 2017, before the casino operator’s well-publicised troubles with regulators.

Billionaire Arthur Laundy. Jane Dempster/The Australian.

After signing on for the hotel in June, Mr Laundy said he and his joint venture partner had committed $20m to $30m to “clean up the joint”, which was built in the 1980s by Christopher Skase.

The work was not expected to include new rooms on the 3.45 hectare site, but would require 18 months to commence as it required council approval, Mr Laundy said at the time.

“It’s a very interesting one that the Gold Coast over the years has been spoiled by the amount of high-rise,” he told News Corp in June.

“But this is on an isthmus leading out and it’s a very pretty area.”

Originally published as Star Entertainment has settled the sale of Sheraton Grand Mirage to the Laundy and Karedis families