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.

This entry was posted on Sunday, November 15th, 2009 at 11:16 am and is filed under Main Beach, Pearl Infrastructure Projects, Raptis Group, Sheraton Mirage Resort. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.