Imperial Hotel: Former Palazzo Versace sells, with new owner to unveil ‘very big plans’

A cashed-up figure has snapped up the Gold Coast’s former Palazzo Versace, with some “very big plans” for the luxury hotel’s future. FIND OUT MORE

The sale of the former Palazzo Versace is in its final throes, with a cashed-up Sydney businessman preparing to unveil “very big plans” for the luxury hotel.

The once-luxury six-star landmark built by Sunland Group in 2000, currently known as the Imperial Hotel, is understood to have been bought by the unnamed mystery business figure.

Hotel general manager Richard Clarke said the sale was at an “advanced stage” but was unable to reveal any details about the mystery buyer.

“I cannot disclose who it is but a lot of time and energy has been put in here,” he said.

This penthouse in the former Palazzo Versace is for sale.

“In the coming days we will be able to disclose who that is.

“There are some very big plans to regenerate this entire hotel”.

The Bulletin understands the prospective buyer has been shown around the hotel in recent weeks and discussed at length plans for the revamp of the property amid a wave of high-end accommodation which is expected to begin construction on neighbouring Spit properties.

It comes less than a year after 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.

WHO OWNS VERSACE CONDOS

This penthouse in the former Palazzo Versace is for sale.

The decision required the removal of much of the ‘Medusa’ and Versace branding from the building.

A deal to sell it for $114m in 2022 fell over.

The sale of the former Versace is the second major Spit development to sell in the past year.

Star Entertainment Group and its partners, Far East Consortium and Chow Tai Fook, last year sold the neighbouring Sheraton Grand Mirage for $192m to Pub mogul Arthur Laundy and his long-term business partner, Sydney’s Karedis family.

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.

Palazzo Versace: home to the stars

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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.