Developments
Sheraton Noosa sold to Sydney entrepreneurs
Sydney hotel king Arthur Laundy has acquired Noosa’s Sheraton Spa and Resort on Hastings St for around $110 million, partnering with property investor Theo Karedis in purchasing the 176-suite resort.
Blackstone-controlled Valad Property Group sold the resort at one of the highest price per room rates achieved in Australia through McVay Real Estate. The price represents a rate of $615,000 per room.
All up, $10 million has been invested into the renovation of the 23-year-old Noosa icon that was completed last year. The year-long renovation was spearheaded by architecture and design firm Woods Bagot.
