Jones Lang LaSalle Hotels to market for sale Sheraton Mirage Resort, Port Douglas, Tropical North Queensland, Australia
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Jones Lang LaSalle Hotels to market for sale Sheraton Mirage Resort, Port Douglas, Tropical North Queensland, Australia
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Category: Asia Pacific - Australia
This is a press release selected by our editorial committee and published online for free on 2008-08-21
One of Australia’s best known luxury resorts and development parcels, the Sheraton Mirage Resort Port Douglas, is to be offered for sale through Jones Lang LaSalle Hotels. Mr Wayne Bunz, Senior Vice President, Jones Lang LaSalle Hotels and Mr Craig Collins, Managing Director Australasia, Jones Lang LaSalle Hotels, have been retained exclusively by Mirage Resorts Pty Ltd & Bale Resorts Pty Ltd to market the substantial property for sale.
Surrounded by 1.75 ha (approx) of swimmable saltwater lagoons, the Resort is the pre-eminent resort in Tropical North Queensland. “The Property enjoys an absolute beachfront position on Four Mile Beach, occupying approximately 109ha of land featuring tropical landscaped gardens and an 18 hole golf course.
The Resort component comprises 294 well-appointed guest rooms, management rights over 90 privately owned luxury villas, three restaurants, the Daintree Lounge, a Kids Club and the Mirage Country Club (part of the 18 hole golf course).
“One of the key attributes of the Property is the surplus development land on offer which includes a 15.77ha parcel of land which has been earmarked for the future development of 76 residential allotments, some of which will front Four Mile Beach,” said Mr Bunz. He added, “The back nine holes of the golf course also offer excellent development potential including a 25.62ha parcel of land which has the potential for approximately 80 residential allotments, most of which will benefit from views up the golf course fairways.”
“With the Property long being recognised as one of Tropical North Queensland’s premier resorts, an opportunity now exists to acquire this asset at a fraction of its replacement cost,” said Mr Collins. He added, “Strong capital growth opportunities can be achieved by undertaking a refurbishment and then repositioning the existing resort facilities, as well as developing the extensive adjoining vacant land.”
“The Resort’s ongoing popularity is due to its enviable beachfront location and close proximity to the World Heritage listed Great Barrier Reef and Daintree Rainforest, as well as the Mossman Gorge,” said Mr Bunz. The Resort boasts a strong corporate group and leisure business mix.
Investor interest for the Property is expected to be strong. “We anticipate the Property will attract interest from domestic and international investors alike, as well as developers seeking to capitalise on the significant land holding,” said Mr Collins.
The Resort is currently managed by one of the world’s leading hotel operators – Starwood Hotels and Resorts Worldwide Inc.
“The Resort attracted worldwide recognition when it opened in 1987,” said Mr Bunz. He added, “Along with the development of Sheraton Mirage Gold Coast, it was a bold statement and commitment to the Port Douglas area.”
Sheraton Mirage Resort, Port Douglas and its adjoining development land is being offered for sale via an Expressions of Interest campaign closing midday Thursday 25 September 2008 (if not sold prior).
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