Gold Coast’s iconic Palazzo Versace hotel has confirmed its agreement with the luxury fashion house will not be renewed, and will expire midway through 2023.
Once Gold Coast’s most luxurious hotel, it opened in 2000 after Soheil Abedian, the founder of Australian property development company Sunland Group, visited the House of Versace in 1997 to propose the idea of a Versace-branded hotel. Since its opening, guests have included Beyoncé, Paris Hilton, Jennifer Lopez, Rod Stewart and U2.
But in 2012, the 200-suite hotel hit the market for $80 million – and was snapped up for just $68.5 million by Dong Run Group. The hotel was put up for sale again in 2021 for $114 million with Shakespeare Property Group a keen buyer, but the deal fell through later that year.
Now, owners of the Palazzo Versace hotel have confirmed the fashion house is parting ways with the luxury hotel, with the agreement set to end on the 31st of July 2023.
“After lengthy discussions, Versace has made the strategic decision to pull out of the Australian hospitality market,” the owners of the Palazzo Versace Gold Coast told Forbes Australia.
“It is our ambition to retain the property, with plans to undergo an extensive renovation, and possible rebrand. It is our aim to ensure the property will continue to operate as a leading
five-star hotel, upholding tradition by delivering world-class service and opulent comfort for guests.”
This means the hotel would need to undergo a significant revamp, removing all Medusa tiles and Versace-branded furnishings.
There are two Palazzo Versace hotels in the world – one on the Gold Coast and one in Dubai. It is not clear whether Versace’s move away from the Gold Coast will affect its Dubai location.
“While this is the end of an era, we’d like to take the opportunity to thank Versace for the many years of great success together,” the owners said.
Look back on the week that was with hand-picked articles from Australia and around the world. Sign up to the Forbes Australia newsletter here or become a member here.
