Indian Developer Purchases Sheraton Mirage

Indian apartment & shopping centre developer and management company, Pearls Infrastructure Projects have purchased the Sheraton Mirage Resort from Raptis Group recievers for under $60m dollars.

Purchased by the Raptis Group in 2005 for $82m, the sale represents a small loss for St. George Bank – who are owed around $60m plus costs.  The main loss will be felt by 2nd mortgagee Premium Income Fund, whose unit owners will not see any of the $20m owed to them.

This is the first Austrlaian acquisition for Pearl Infrastructure Projects, who are expected to undertake a refurbishment of the hotel.

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