Arthur Laundy, owner of Laundy Hotel Group, and the former liquor-shop chain owner turned property investor Theo Karedis have partnered to purchase the Sheraton Noosa Spa and Resort in Queensland, Australia, for AU$110m

(US$90m, €72m, £57m).

Blackstone-controlled Valad Property Group originally failed to sell the resort in 2011, after spending AU$10m (US$8m, €6.6m, £5m) on renovations. Earlier this month, the group finally sold the 176-key resort with help from McVay Real Estate. The reported price represents a rate of AU$615,000 (US$504,000, €404,000, £320,000) per room.

In August 2014, another Starwood-managed property was put on the market – the 296-key Gold Coast Sheraton Mirage – for AU$170m (US$139m, €112m, £87m) after its owner Pearls Australia spent AU$30m (US$25m, €20m, £16m) renovating it. Pearls Australia is backed by Indian billionaire Nirmal Singh Bhangoo.

Starwood Hotels and Resorts’ management contract expires next year at the Noosa. Explaining the current flurry of activity around the Starwood operated sites, Sean Hunt – regional vice president for Starwood Pacific Hotels – told The Australian: “These resorts are doing so well at the moment, owners are looking at options and selling is one of them.”

The Noosa property features an Aqua Day Spa with eight treatment rooms and a couples’ suite and skincare is provided by La Prairie and Thalgo.

Sydney-based Arthur Laundy and his son stuart manage the family’s hotel empire, which was founded in 1945. Arthur made his debut on the Australian Business Review Weekly Rich 200 list last year – at number 159 – and is worth AU$310m (US$254m, €204m, £161m).

Property investor Theo Karedis, also from Sydney, is number 90 on the same list and is worth AU$500m (US$409m, €329m, £261m).