Mulpha set to swoop on Sheraton ownership

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Michael Warren

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The Sheraton looks like it is set to change owners. Picture: Sheraton

Port Douglas Sheraton Mirage looks set for an historic change of ownership, with rumours intensifying Malaysian based investment house, Mulpha, is set to acquire the highly iconic resort.

In recent days there’s been ongoing speculation Mulpha, has or is about to purchase the 147-hectare resort which has 295 suites, conference areas and a 18 hole golf course for a cool $100M or more from seller Fullshare Holdings.

Mulpha, the purported interested buyer is led by billionaire Lee Ming Tee and his associates.

Newsport reached out to Sheraton Mirage manager Steve Molnar, who redirected our enquiry to Fullshare Holdings.

Newsport contacted Fullshare Holdings for comment about the potential sale however we did not receive a response to our questions by our deadline.

Newsport first became aware that the potential sale of the Sheraton was on the cards back on March 9 this year.

At the time Fullshare Holdings told Newsport following our questions that “the resort is not sold to anyone. Fullshare (is) still the owner.”

Newsport understands that despite the denials it has been working hard behind the scenes to identify a suitable buyer for the property, with Mulpha firming in recent weeks to become the resort’s new owner.

The Sheraton last changed hands in 2015 when Fullshare bought the property. Shortly afterwards it undertook a complete refurb of the property.

The Sheraton Grand Mirage resort was originally established by Christopher Skase back in 1987.

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