The Star Entertainment Group has announced that Australian Wattle Development, which is 50 per cent owned by The Star, has reached an agreement to sell the Sheraton Grand Mirage Resort Gold Coast.
The deal, worth AU$192m, has been struck with entities owned by the Karedis and Laundy families, and is subject to the buyer obtaining approval to the transfer of the liquor licence from the Queensland Office of Liquor and Gaming Regulation.
Australian Wattle Development paid $140m for the Sheraton Grand Mirage Resort Gold Coast in January 2017.
The sale price therefore translate to a CY23 EBITDA multiple of 21x.
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