Star Entertainment finalizing Sheraton Mirage buy

An international joint venture led by Star Entertainment is finalizing a deal to pay up to A$160 million ($121.7 million) for a beachfront resort in Queensland, local media reports.

The gaming company, which is working in conjunction with Hong Kong developer Far East Consortium and retailer Chow Tai Fook, is hoping to see a revamped Sheraton Mirage to complement its Queen’s Wharf development and nearby Jupiters Hotel and Casino.

The hotel operator is believed to be keen on overhauling the property, but the plans are at a preliminary stage.