Australian company Star Entertainment Group has signed an agreement to sell the Sheraton Grand Mirage Resort in a deal valued at A$192m ($128.21m).

Star Entertainment’s 50%-owned subsidiary Australian Wattle Development will sell the property to entities owned by the Karedis and Laundy families, which are prominent in the liquor and hospitality industries in Australia.

The deal is subject to approval from the Queensland regulator for the transfer of the liquor license.

In 2017, Star Entertainment Group co-purchased the luxurious five-star Sheraton Grand Mirage, on Australia's Gold Coast.

It owns 50% of the hotel, while the remaining was purchased by Far East Consortium and Chow Tai Fook.

Marriott International is handling the operations of the hotel under a long-term management agreement.

The Sheraton Grand Mirage Resort is situated close to Surfers Paradise Beach. It features 295 guestrooms and many outdoor pools, according to Casino.org.

Guests can also enjoy food and drinks at the hotel’s five restaurants and bars - Terraces Restaurant, Oyster Bar and Grill, Pearl's Bar, Oasis Pool Bar and the Deck.

The 5-star resort also includes meeting capabilities with 14 flexible meeting rooms for working, connecting and collaborating.

The property additionally features the Mirage Grand Ballroom, which can divide into five smaller breakout rooms, as well as a fitness centre, a spa and on-site parking.