The Supreme Court has given St. George Bank the go-ahead to sell the Sheraton Hotel at Main Beach to Indian developer Pearl Australasia for $62.5m.

This follows a challenge from the 2nd and 3rd mortgagees on the property who argued that St. George (the first mortgagee) didn’t have the right to sell the hotel business – just the land and the building.  With the sale proceeding, St. George will be the only mortgagee to recoup any money from the sale of the former Raptis Group asset.

Premium Income Fund, the second mortgagee are said to be considering an appeal.

Tags: Future Development, gold coast, Main Beach, news, Pearls Australasia, property, Raptis Group, real estate, Sheraton Mirage Resort

This entry was posted on Wednesday, March 3rd, 2010 at 3:47 pm and is filed under Future Development, Main Beach, Pearls Australasia, 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.