Mulpha picks up Port Douglas hotel
Mulpha is believed to be buying Port Douglas’ Sheraton Grand Mirage, developed by Christopher Skase in 1987.
The Malaysia based investment house, with a local Sydney headquarters led by Greg Shaw, is believed to be paying just over $100 million for the 147 hectare resort with 295 suites, conference and events spaces, a hospitality precinct and 18-hole golf course.
The seller, Hong Kong listed Fullshare Holdings, in partnership with Melbourne theatre owner David Marriner, picked it up as part of a portfolio also with units at the Airlie Beach and Laguna Quays resorts.
At the time the pair planned to spend $200m on a revamp.
Fullshare seized full control 10 years ago then in 2015 undertook a $40m upgrade.
Mr Skase is speculated to have spent about $100m to build it.
Abutting Four Mile Beach, guests are said to have included US president Bill Clinton and his wife, Hillary, in 1996, and actors Tom Hanks and John Travolta (story continues below).
Another Skase resort sale
Fullshare denied speculation in March that it was touting the Port Douglas hotel off-market.
The sale comes two months since another resort Mr Skase developed, the Sheraton Grand Mirage on 3.4ha at Main Beach the Gold Coast, sold to Arthur Laundy and the Karedis family for $192m.
Star Entertainment was that seller.
Colliers’ Karen Wales and Steven King, JLL’s Adam Bury and Taylor O’Brien with McVay Real Estate’s Dan McVay and Sam McVay represented Fullshare, led by China-based Ji Changqun.
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