The international consortium led by casino operator The Star Entertainment Group has completed the acquisition of the Sheraton Mirage Resort at the Gold Coast, according to a company filing to the ASX.
The international joint venture includes Hong Kong-based Chow Tai Fook Enterprises and Far East Consortium.
It is understood that Star will take a half interest in the resort and the two Hong Kong parties will hold 25 percent each.
It is also understood that the resort purchase will involve an equity investment of approximately $40 million from The Star Entertainment Group.
“Sheraton Grand Mirage is a distinctive tourism destination, it is the Gold Coast’s only 5-star beachfront resort,” said Matt Bekier, managing director and chief executive officer of The Star Entertainment Group.
“We believe as an offering it will also provide a perfect complement to our existing properties where transformational developments are underway or set to proceed at Jupiters Gold Coast, Queen’s Wharf Brisbane and The Star Sydney.”