PEARLS TO SPLASH $30M ON SHERATON

Written on the 19 May 2011

PEARLS TO SPLASH $30M ON SHERATON

THE new Indian owners of the Sheraton Mirage (pictured) have promised to restore the Main Beach resort to its former glory after unveiling a $30 million renovation package.

New Delhi-based Pearls Global settled the Sheraton deal in early 2010 for a reported $60 million and has wasted little time in developing its Sheraton Renewal Plan under new entity Pearls Australasia.

The comprehensive, three-year refurbishment of the property will commence with stage one in July this year as Pearls hopes to restore the hotel back to its former five-star rating.

“When we settled our purchase last year, we committed to reinstating the Sheraton to its rightful place as one of the world’s great beachfront resorts,” says Pearls Global chairman Nirmal Singh Bhanghoo.

“This very first step in our plans for a dramatic overhaul demonstrates our bona fides after many years of neglect under previous owners. Bringing the Sheraton fully back to life is our dearest ambition.

“These initial works will make a world of difference to its aesthetic, as will further stages over coming years.”

Pearls’ Sheraton Renewal Plan includes:

• A total refurbishment of all 296 rooms including new furniture, interior design, colour scheme, carpets, new bathroom fixtures and fittings, and upgrades to electrical and A/C controls.

• Revitalisation of all corridors and lift lobbies, to be transformed with new paint, carpet and lighting; lobby furniture and artwork.

• Restoration of all common areas and public spaces including furniture, artwork, carpet, painting and special features.

With 260 offices internationally and 1.6 million employees, Pearls Global is among India’s largest private landholders.

Last year’s purchase of the Sheraton Mirage marked Pearls’ first foray into Australia after the hotel was presented to them by Austrade senior trade and investment commissioner Peter Linford.

The company has since announced it will construct the $75 million Edgewater residences and apartments on Lake Orr at Delfin Lend Lease’s Varsity Lakes.

It has also entered a joint venture with David Devine’s Metro Property Development to develop three high-rise residential towers in Brisbane and two land subdivisions on the northern outskirts of Melbourne.


Latest News

HOW WEDDING WOES INSPIRED A BOOMING BUSINESS FOR MEGAN ZIEMS

WHEN she was dress shopping for her wedding in 2010, Megan Ziems (pictured left) was disappointed to discover a ma...

SPOTLESS REJECTS DOWNER'S 'HOSTILE' $1.2B BID AS IT PROMISES A STRATEGY RESET

CLEANING and catering services company Spotless has rejected a $1.26 billion takeover bid from mining services firm D...

EXCLUSIVE INTERVIEW: MEGAPORT CEO VINCENT ENGLISH ON GLOBAL EXPANSION AND HOW TO SCALE UP A BUSINESS

THE RAPID expansion of Megaport (ASX: MP1) continues with the Brisbane-based company announcing a major partnership d...

BRISBANE ENTREPRENEUR BREAKS BARRIERS IN ECO-BUSINESS

TRACEY Bailey believes that if every person understood the true social and environmental cost of every product the...

Related News

FURNITURE DISRUPTOR SET TO SHARE HIS ONE OF A KIND BUSINESS MODEL

IT'S no secret that Australians love homemaking. Their ceaseless quest to create the perfect place to call hom...

WEEDING OUT THE ASX'S BURGEONING CANNABIS TREND: 8 COMPANIES TO WATCH

A NICHE is budding on the ASX in the form of medical cannabis, an industry which has been on the country's rad...

FRESH CLASS ACTION TO REVEAL ANOTHER SIDE OF SLATER AND GORDON DOWNFALL

ACA LAWYERS has issued a formal letter of demand to Andrew Grech (pictured), managing director of Slater and Gordo...

STARSHIPS WERE MEANT TO DELIVER DOMINO'S PIZZA

NICKI Minaj may have been off the mark when she declared 'starships were meant to fly'. However, she m...

EVENTS COMING UP

 

Contact us

Email News Update Sign Up Contact Details
Subscriptions

PO Box 2087
Brisbane QLD 4001

LoginTell a FriendSign Up to Newsletter