Far East Consortium acquires Sheraton Grand Mirage Resort in Australia
Far East Consortium International, along with its partners, has completed its previously announced acquisition of the Sheraton Grand Mirage Resort located at the Gold Coast in Australia.
The partners include the Star Entertainment Group and Chow Tai Fook Enterprises.
The acquisition has been funded using a combination of bank loan as well as equity from the respective partners.
Far East contributed about A$20m ($15.3m) for the acquisition and will have 25% interest in the joint venture.
Far East Consortium International managing director Chris Hoong said: "We are very excited about the tremendous opportunity in the tourism sector in Australia.
“Sheraton Grand Mirage in Gold Coast is a unique hotel property that offers not only existing cash flow stream but also potential development opportunity.
“The beachfront property is highly complementary to the Queen's Wharf Project in Brisbane and will add operating capacity to the Group's current portfolio of hotel property immediately."
The 295-room Sheraton Grand Mirage is the Gold Coast's five-star beachfront resort and offers amenities including a swimming pool, fitness centre, spa facilities and surrounding beach.
Far East Consortium is primarily engaged in property development and investment, hotel operation and management, as well as car park and facilities management.
It adopts diversified regional strategy and the ‘Chinese Wallet’ strategy with business covering countries such as Hong Kong, Mainland China, Australia, Malaysia, Singapore, the UK and New Zealand.