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.