Sheraton Mirage Resort and Spa is one of the most iconic properties in Australia, with an enviable history of being one of the most prestigious hotels in the region. Boasting a combined land area of over 4 hectares and beach frontage in excess of 300 metres, in both practical and financial terms, it is irreplaceable.
The 295 room hotel has a diverse income stream through its extensive conference facilities servicing a particularly robust MICE market, quality food and beverage offerings and the Day Spa.
A recent and comprehensive refurbishment of the Hotel has been transformational in enhancing the Hotel’s presentation, feel and trading performance and ensured that it remains at the pinnacle of Australia’s best hotels.
Adding to the financial impracticalities of amalgamating a similar competing beachfront site is the Hotel’s comprehensive facilities and rooms which, according to a quantity surveyor report and prior to the considerable recent refurbishment, had an estimated replacement cost in excess of $206 million. Since the completion of the Hotel refurbishment, both occupancy and ADR have considerably improved with the Hotel achieving RevPar of 32% above its competitive set for the YTD.
The Mirage has underlying development potential. the owners have carried out extensive investigations, using experienced specialist consultants and discussions with Government, and have established that significant increases in room yield may be achievable based on the current zoning and tenure discussions with government.
