Imperial Hotel sale negotiations advance while Hilton in talks for 20-year management deal
The future of the Gold Coast’s best-known luxury hotel will be sealed within weeks, with separate deals under way for its sale and management. Read the latest
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The future of the Gold Coast’s best-known luxury hotel will be sealed within weeks, with separate deals under way for its sale and management.
Sources close to the Imperial Hotel say its Chinese owners have been in the seaside city this week meeting with representatives of Hilton International to finalise a 20-year management agreement.
Meanwhile, a contract on the sale of the former Palazzo Versace, tipped to top $100m, is less than a fortnight away.
Sales agent Amir Mian, of Amir Prestige – reportedly involved with the sale – declined to comment when contacted by the Gold Coast Bulletin.
A response from the hotel said its owners were unavailable for direct comment.
“Discussions regarding the future of the hotel are ongoing and, while we regularly explore opportunities to enhance the property’s offerings, we are not in a position to disclose specific details at this stage,” a spokeswoman said.
“Our focus remains on maintaining the highest standards of service for our guests and ensuring the continued success of the hotel.”
Hilton International has been contacted for comment.
Talk of big deals and new owners has been rife among the property’s wealthy condo owners since an $114m deal to buy the property fell over in 2022 and anotherdeal toppled last year.
Rumours Hilton Worldwide was lining up to buy and rebrand it as a Waldorf Astoria were quickly scotched by the global brand in 2023, however a management deal was not ruled out.
Palazzo Versace was stripped of its designer name in July 2023 after the Italian fashion house declined to renew its branding contract.
The hotel’s reputation has taken a battering in recent years, with scathing reviews claiming it was “tired” and “rotting from the inside”.
Management at the hotel, where a one-night stay costs from $380 to $2000, said it was “undergoing extensive renovations to enhance our guests’ experience”.
The hotel’s spokeswoman said renovations of the property were still under way.
“The hotel’s prime location, iconic status and potential for transformation into a luxury flagship are key strengths,” she said.
“Looking ahead, we anticipate enhancements to guest experiences, modernised facilities and a renewed focus on sustainability and innovation, ensuring the property remains a premier destination for years to come.”
The hotel has been unable to retain a long-term manager, with six GMs coming and going in the past 10 years.
Its most recent manager Richard Clarke was understood to have left amid a disagreement with the owners in December.
The resort is currently owned by China’s Dong Run Group, which acquired the 200-room luxury hotel for $68.5m in 2012, through Nanbai Australia, a company set up by the group’s chairman Jing Lin Zuo.
Originally published as Imperial Hotel sale negotiations advance while Hilton in talks for 20-year management deal
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