Sydney rich-listers Arthur Laundy and Theo Karides have withstood a frenzied bidding war to snap up the iconic Sheraton Mirage on the Gold Coast.
Three months after the sprawling beachfront hotel hit the market, the cashed-up family consortium – which together also owns the Sofitel Noosa and Crowne Plaza in Terrigal – resisted a challenge from the U.S.-based Outrigger group to land the sale for a reported $190million.
It’s understood the Laundys, led by scion Arthur and sons Stuart and Craig, are currently undertaking due diligence on the property with an eye to taking control in about 12 weeks.
On the market for $200million back in March, the Sheraton Mirage (pictured) has been snapped up for $190million
Brothers Craig and Stu Laundy are part of a powerful consortium to have negotiated for the hotel
Sources close to negotiations say the family will look to restoring the famous hotel to its former glory, which peaked during the decadent 1980s and 1990s when it was considered the crown jewel of Gold Coast holiday resorts.
The hotel, which is located on a 3.45ha site with 300m of absolute beachfront at Main Beach, has 295 rooms and was built in 1986 by the late developer Christopher Skase prior to the collapse of his empire and his subsequent death from cancer.
The stunning property was designed by renowned architect Desmond Brooks, who also designed the neighbouring Palazzo Versace.
‘The Laundy’s are excited… they see it as an opportunity to restore some of the incredible glamour the hotel is famous for,’ an insider told Daily Mail Australia.
Pixie and Christopher Skase at the height of their wealth in the 1980s.
‘The Mirage is an Australian icon and this sale will mean it can be brought into a fantastic new era.’
While the sale is yet to officially settle, it’s believed plans are already underway to renovate some aspects of the site including enhancements to the beachfront bungalow-style apartments.
A luxurious pool bar is also expected to be added, with cabanas – like that at Sydney’s Ivy Pool Bar – in the pipeline.
It’s believed current management chain Marriott Hotels will ultimately be replaced by Sofitel.
The resort was sold by an international joint venture led by gaming company Star Entertainment which put the hotel on the market back in March with a $200million price tag.
The Sheraton Mirage’s famed mezzanine marble foyer which overlooks the pool and boasts ocean views.
Family patriarch Arthur Laundy (centre back) with family at his recent 80th birthday celebrations.
It was acquired by Star in 2017 as a joint venture with its Hong Kong-based partners in the $3.6billion Queen’s Wharf development in Brisbane.
Skase built the Mirage for $100million but, after a famously hedonistic first few years, ultimately handed it over to receivers and it was eventually bought by Indian-based Pearl Australasia for for $62.5million in 2009.
Skase died in 2001 in Spain at aged 53 of stomach cancer.
He had fled Australia after the collapse of his $1.5billion Qintex group, with many accusing him of smuggling out a large fortune – making him one of the country’s most wanted fugitives.
The businessman left behind a string of devastated shareholders, having cost them hundreds of millions of dollars.
Skase built the Mirage for $100million but, after a famously hedonistic first few years, ultimately handed it over to receivers.
Peter Allen, with his mother Marion, was a frequent guest at the hotel and was a favourite of staff
At its peak the Sheraton Mirage was a magnet for the international jet set and a favourite of some of Australia’s best-known celebrities including Peter Allen who rented a bungalow at the hotel annually.
Michael Caine, Joan Collins and Prince Charles were also frequent guests.
The resort’s latest sale tops off an impressive portfolio for the Laundys who now possess some of the country’s best beachfront hotels and pubs including Sofitel Noosa, Crowne Plaza Terrigal, the Manly Pacific Hotel, Watson’s Bay Hotel, Woolwich Pier, Northies at Cronulla, the Bells Hotel in Wolloomooloo and the Woolloomooloo Bay Hotel.
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