Group led Star Entertainment puts Sheraton Grand Mirage on the Gold Coast up for sale

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

The international joint venture led by gaming company Star Entertainment has put the Sheraton Grand Mirage on the Gold Coast on the block in a move that could reap more than $200m.

The ageing hotel, developed by late entrepreneur Christopher Skase, could be overhauled by a new owner, which could install a new hotel chain and renovate the property.

The Gold Coast has attracted both hotel and residential investment as tourism returns, and players including Vitale Property Group and funds manager Salter Brothers chased the property last year as Star’s problems emerged.

Others are backing new projects.

Melbourne property developer Ross Pelligra is developing a $480m Ritz Carlton hotel and superyacht marina at Mariner’s Cove at Main Beach in partnership with developer Dean Giannarelli.

Property developer Gurner has also struck a deal with Marriott International to develop the St. Regis Gold Coast Resort as one of three towers in the luxury $1.7bn La Pelago resort-style project in the high-end Budds Beach precinct.

Star picked up the Gold Coast icon in 2017 for $140m with the backing of Hong Kong developer Far East Consortium and retailer Chow Tai Fook, in a repeat of its $3bn Brisbane Queen’s Wharf joint venture.

That move helped it win an edge in the area against the then James Packer-controlled Crown Resorts, but it has since been deemed surplus to requirements as Star overhauls its operations after being slugged by hefty fines and regulatory action.

The Sheraton’s long-term management plan by Marriott has run out, and more chains are keen to get into the area.