Former Palazzo Versace: Future of Imperial Hotel Gold Coast revealed after sale attempt
Mystery surrounds the future of the luxury former Palazzo Versace hotel after a cashed-up Sydney businessman’s plans to buy it fell through. FIND OUT WHY
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A cashed-up Sydney businessman’s plans to buy the former Palazzo Versace hotel on The Spit have fallen through, with the luxury hotel’s future in limbo.
The once-luxury six-star landmark built by Sunland Group in 2000, currently known as the Imperial Hotel, was understood to have been bought by the unnamed mystery business figure in February with “very big plans” mooted for the complex.
However, hotel general manager Richard Clarke confirmed the deal fell through and no further buyers had emerged.
“Nothing has materialised into a concrete offer yet,” he said.
“There was an offer (earlier this year) but it fell through though that wasn’t on the hotel’s side, it was the buyer’s, so right now it is steady as she goes.
“We have really seen the market pick up and are set to have had a record August and September is looking really good too, as is the rest of the year.
“We are full every week and the midweek business is getting right up there now too.”
The prospective buyer had been shown around the hotel earlier this year and discussed at length plans for the revamp of the property
It’s been more than a year since the hotel ceased operating as Palazzo Versace after the House of Versace walked away from the building.
The international fashion powerhouse decided not to renew its branding agreement with Palazzo Versace hotel owner Dong Run Group.
The decision required the removal of much of the ‘Medusa’ and Versace branding from the building.
Mr Clarke said the rebranded luxury hotel was now fully divested of its fashion house features, excluding one remaining artefact.
“The debranding is now completed and what is here now is here to stay,” he said.
“The (house of Versace) are satisfied that it has been debranded and even the mosaic in the foyer is gone and replaced with a flower display.
“However, we have kept the foyer chandelier, which was a gift from (house founder) Gianni Versace.”
The hotel was built in the late 1990s under the Versace branding by the now-defunct Sunland after the fashion house was approached by Soheil and Sahba Abedian in 1997.
It opened in September 2000 and has hosted U2’s Bono, Beyonce and Jay Z, Baywatch icon Pamela Anderson and Snoop Dogg.
Dong Run Group 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.
The purchase included several other Chinese and Australian-based shareholders.
It was revealed in October 2022 that Shakespeare Property Group had planned to buy the Palazzo Versace for $114m, however staff and condo owners of the hotel were later told the deal has been terminated.
Other luxury hotel groups, including Hilton Worldwide, were believed to be in discussions to buy the hotel and add the property to its Waldorf Astoria stable.
The refurbishment of the building was expected to top $58m.
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