Gold Coast Hotel Palazzo Versace in Australia Could Sell For $82 Million

A dozen years ago, the world’s first fashion branded hotel, The Gold Coast Palazzo Versace, opened its doors to reveal a giant Milanese chandelier, lavish furnishing and a bright new world of Gold Coast hospitality. The 12-year-old hotel is now up on the market for sale with a price tag of $82.4 million ($80 million AUD). Having opened amid much fanfare in September 2000 with James Packer as a guest, the Palazzo Versace Hotel is still seen as the main five-star hotel on the Gold Coast.

Palazzo Versace Gold Coast 
Palazzo Versace Hotel in Gold Coast

Owner, the Sunland Group, is selling the Main Beach hotel to reinvest in other projects, which possibly include building another property on the site of Mariner’s Cove, south of Palazzo Versace. The new owner will have the keys to a property that has seen Kate Hudson and Owen Wilson share a romantic dinner, as well as hosting international and Australian celebrity guests including Rod Stewart, Paris Hilton, Pamela Anderson, the Rolling Stones and Beyonce and Jay-Z.

The decision to sell the 200-room Palazzo Versace comes six months after Sunland regained 100 per cent ownership of the property in a deal with a Middle Eastern partner who acquired a 49 per cent stake seven years ago.

The Palazzo Versace became famous for its lagoon style central swimming pool, which got majority of the attention on the property. An ideal sight to behold at dusk, this lagoon pool area was the place to be to enjoy the richly decorated designing, including the Venetian style shaping of the pool area, and clusters of large palm trees alongside. The six-star hotel boasts some luxurious features, including a luxury spa, high-tech gymnasium, and marina.

The owner, in building this property, spared no expense, importing specially-designed Italian fittings and furnishings and flying in Italian artisans to undertake the intricate tiling and mosaic work.

Palazzo Versace Gold Coast
Palazzo Versace Hotel in Gold Coast

In terms of its accommodation, there are 200 rooms which have been divided into multiple categories such as the Superior room, superior suite, Lagoon suite, Broadwater suite, and the most expensive being the Imperial suite. Bespoken designer furniture of varied designing themes, parquetry floors, lavish use of vibrant colors in fabrication of beds and curtains, and of course the use of modern gadgetry are just some of the common notes from these spaces. For those looking for a more exclusive space, there will be 2 and 3 bedroom condominiums, which would equate to individual apartments.

The sales campaign is being handled by father and son real estate agents Dan and Sam McVay from boutique commercial real estate agency McVay Real Estate, which has offices in Brisbane and Sydney. Dan says he expects the hotel to bring at least $80 million, It’s totally unique and will be seen as a trophy property, not just by hoteliers but by some of the world’s wealthiest people.

The hotel will be marketed via a five week expressions of interest campaign with a sale expected to be concluded within three months.

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Palazzo Versace Gold Coast

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