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

BELLAMY'S FINDS EXPORTING BABY FORMULA INTO CHINA IS NO CHILD'S PLAY

BELLAMY'S (ASX: BAL) shares have suffered a 40 per cent drop in value today after the company hit a regulatory...

BRISBANE WATCH BRAND ADINA AIMS FOR ICONIC

ADINA watches is at a turning point in its history, 45 years after being founded by Robert 'Bob' Menzies i...

WHY YOU SHOULD CARE FOR YOUR BODY AS MUCH AS YOUR BUSINESS

ENTREPRENEURSHIP is a busy business. It can be all-consuming, but it is important not to neglect your health Y...

BULLETS BACK IN THE BUSINESS COMMUNITY

ALTHOUGH new to the current south-east Queensland sporting landscape, the Brisbane Bullets have a rich basketball ...

Related News

JB HI-FI IS THE GOOD GUY IN $870 MILLION ACQUISITION

ELECTRONICS giant JB Hi-Fi has formally completed its $870 million acquisition of home appliance chain The Good Gu...

ACCC ACTS AGAINST MERITON'S RIGGED REVIEWS

MERITON Property Services is under fire from Australia's main consumer watchdog, after it allegedly engaged in mi...

ACCC FIRES WARNING SHOT TO IVF PROVIDERS

IVF clinics have been put on notice by consumer watchdog, the Australian Competition and Consumer Commission (ACCC...

BIG W CEO QUITS AFTER 11 MONTHS

SALLY MacDonald has resigned as chief executive of BIG W ending her tenure at the helm of the struggling discount ...

Contact us

Email News Update Sign Up Contact Details

Subscribe to our mailing list

* indicates required
Email Format

PO Box 2087
Brisbane QLD 4001

LoginTell a FriendSign Up to Newsletter