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Star Entertainment Group sells Sheraton Grand Mirage Gold Coast Resort26 June 2023(PRESS RELEASE) -- The Star Entertainment Group Limited advised that Australian Wattle Development Pty Ltd (50% owned by The Star) has reached agreement to sell the Sheraton Grand Mirage Resort Gold Coast to entities owned by the Karedis and Laundy families for $192 million, subject to the buyer obtaining approval to the transfer of the liquor license from the Queensland Office of Liquor and Gaming Regulation. Australian Wattle Development paid $140 million for the asset in January 2017 and the sale price represents a CY23 EBITDA multiple of 21x and ~$650,000 per key. |