Hilton rules out Palazzo Versace takeover as $1m Rolls-Royces to be stripped of fashion branding
The fate of two Rolls-Royces, worth more than $1m each and custom-built for Palazzo Versace, has been revealed as a major hotel player rules themselves out of contention for the resort.
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Future ownership of the Gold Coast’s Palazzo Versace remains a mystery, but speculation at the waterfront resort is rife with talk of a Middle Eastern takeover.
Just days away from losing its fashion house branding, and eight months after an $114m deal to buy the property fell over, it’s understood a new deal could be under way.
With the Versace branding agreement running out at the end of July, the expensive and laborious task of removing the fashion company’s works is about to begin – including the stripping of thousands of Medusa tiles embedded in the walls and floors of every room.
The exercise will extend to two custom-built Rolls-Royce Phantoms, which are valued over $1m each.
Both cars feature the iconic Medusa head logo embroidered into the leather seats and stained into the bespoke timber dashboard.
There was speculation in October that Hilton Worldwide was in discussions to run the 22-year-old hotel – but the company this week rejected the idea outright.
“I can confirm that we are not negotiating with the Palazzo Versace hotel to convert this into a Waldorf Astoria,” said Yasmin Formosa, Hilton’s director of communications for Australasia.
Ms Formosa said the company was not in any negotiations to operate the hotel under any Hilton brand.
Between the expiry of the Versace deal and the rebranding by an eventual new owner, the hotel was to temporarily change its name to Imperial Palace.
However, the “Palace” has since been dropped and the hotel will simply be known as The Imperial Hotel.
Palazzo Versace general manager Richard Clarke said the owners intended to continue operating the hotel and there was no decision made on a new brand.
“As of August 1, the Palazzo Versace will operate as an independent hotel temporarily and will become The Imperial Hotel,” he said.
“The Imperial Hotel will continue to operate as a five-star hotel, delivering world-class service and opulent comfort for guests.
“While lengthy discussions regarding the future are continuing with a number of leading hotel brands, there is no timeline as to when they are making a decision if they were to go with a brand.
“The Rolls Royces will be de-branded and continued to be used.”
In the hallways and lifts of the luxury resort, speculation and snippets about its future are being shared like the common cold.
One Versace apartment owner, who did not want to be named, said they had seen hotel management meeting with four or five people who “I think were from Dubai”.
“They had an agent with them,” the apartment owner said.
“There are rumours, rumours everywhere.”
A second anonymous condo owner also heard a Dubai entity had secured a deal.
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.
Insiders have estimated it could cost $58m to renovate the hotel.
Palazzo Versace’s owners commissioned the two Rolls-Royce cars to celebrate the 15th birthday of the hotel in 2015.
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Originally published as Hilton rules out Palazzo Versace takeover as $1m Rolls-Royces to be stripped of fashion branding
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