Sheraton Grand Mirage: Landmark Gold Coast hotel put up for sale by Star Entertainment Group

A landmark beachfront Gold Coast hotel is on the market in what has been declared a “once in a generation opportunity”. And it comes with a gigantic price tag.

THE Spit's oldest hotel is on the market in what has been declared a “once in a generation opportunity”.

Star Entertainment Group has put the Christopher Skase-built Sheraton Grand Mirage on the market for $200m, six years after buying it.

Colliers Gold Coast is handling the sale, which includes a 3.45ha site, 295 hotel rooms and conference centres.

Colliers Gold Coast director Steven King said the Spit was undergoing a dramatic transformation.

ESCAPE DEALS 26 JUNE 2022 Sheraton Grand Mirage Gold Coast

“The Sheraton Grand Mirage Resort is such a big ticket listing that there will certainly be national and international interest in this offering,” he said.

“The whole Broadwater precinct is a hot spot for redevelopment including plans for a super yacht marina.

“The Sheraton Grand Mirage Resort has long been a globally recognised brand which was created by pioneering developer Christopher Skase in 1987 and now forms a critical part of luxury developments on the Gold Coast.”

Expressions of interest close on April 21.

Colliers Gold Coast director Steven King.

The Mirage was built by Mr Skase and his Qintex company in 1987 and it immediately became one of the city’s most popular hotels for the rich and famous.

Many big names have stayed there over the years, including Hollywood actor George Clooney who spent a week in its suites in 1997.

Its real estate listing is pitched around its exclusivity.

“The likelihood of anyone ever assembling a 3.45ha beachfront site on the Gold Coast is considered extremely remote in terms of financial cost and the practicalities of dealing with the number of property owners such an amalgamation would require,” the listing reads.

The Sheraton under construction in March 1987.

“Every astute investor with an interest in prime Australian real estate should consider this investment opportunity.”

It comes as Star last month launched an $800m capital raising from shareholders in the wake of damning findings that it was unsuitable to hold casino licences in Queensland.

In December the gambling giant was slapped with a $100m fine from the state government and given a year to “get their house in order” or face a 90-day licence suspension.

The Spit has become a development hotspot, with more than $1.5bn in projects currently in the pipeline.

Businessman Christopher Skase in the 1980s. He built the Sheraton Mirage.

Gordon Corp will break ground within weeks on the $300m Mantaray Marina and Residences on a vacant site next to Mariner’s Cove.

Makris Group in February lodged plans for a $500m plan to “reimagine” Marina Mirage, with the 1980s-era shopping centre set to be extended, with a range of new features including restaurants, retail and a wellness hub.

The project will go before the council’s planning committee later this year.

Closer to a decision is the $480m redevelopment of the Mariner’s Cove site.

Dion Giannarelli’s Melbourne-based Giannarelli Group, alongside joint venture partners Pelligra Group, want to build a three-storey precinct that will include a six-star branded Ritz-Carlton hotel, floating beach club, more than 5000sq m of restaurants and bars. and a “white glove” superyacht marina.

The 170-room hotel development is expected to feature berths for up to 67 superyachts, and passengers given access to Rolls Royce golf buggies to travel between vessels and the hotel. Its other features will include a 2000sq m rooftop event space, 900sq m ballroom and restaurants, as well as a 40m infinity pool.

It is expected to be completed by 2025, if approved this year.

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