Versace walks away from iconic Gold Coast hotel

The House of Versace fashion brand has decided not to renew its branding agreement with a luxury Gold Coast hotel.

The Palazzo Versace hotel on the Gold Coast of Australia will soon be without the iconic Medusa head furnishings, as the House of Versace fashion brand has decided not to renew its branding agreement with the luxury hotel.

It is understood that representatives flew to Milan to discuss the future of the deal, but they could not reach an agreement.

The deal is set to expire midway through 2023.

The Palazzo Versace hotel was part of a $200 million spend when it was first built, with its opulent interior featuring thousands of Medusa tiles, marble finishes, and an array of lavish Versace pieces.

However, the end of the Versace agreement will require much of the hotel to be remodelled, with thousands of Medusa tiles having to be removed. While the largest Medusa tile in the foyer is expected to be allowed to remain, many other fixtures will be stripped from the complex, which is set to undergo a refreshing rebrand.

The House of Versace fashion brand has decided not to renew its branding agreement with a luxury Gold Coast hotel.

The private condo owners at the Palazzo Versace property are feeling positive about the forthcoming refresh, with many excited to see what comes next.

They have expressed their hope that the hotel will maintain the integrity of their private waterfront residences and marina during the refurbishment.

Several luxury hotel groups, including Hilton Worldwide, are reportedly in talks to buy the hotel and add the property to their stable.

The refurbishment of the building is expected to cost upwards of $58m, but given the hotel‘s prime location and the level of interest from luxury hotel groups, it seems likely that the investment will pay off.

While Palazzo Versace founder Soheil Abedian expressed his sadness at the loss of the branding association with the House of Versace, he also saw the forthcoming rebrand as an opportunity for an international brand to come in and manage the hotel, given its prime location.

Palazzo Versace founder Soheil Abedian expressed his sadness at the loss of the branding association with the House of Versace.

The deal is set to expire midway through 2023.

“I am aware that the House of Versace did not continue with their agreement and it is sad that it will be coming to an end,” he said via the Courier Mail.

“I hope that will become much better and given the location, it warrants an international brand coming in to manage it.

“I saw this development not just as a project but as the growth of our community because it was the first branded property linked with a fashion house and ultimately led to a number of other fashion businesses moving into property.”

Private condo owners at the property are reportedly excited about the future and are optimistic that their waterfront residences and marina will maintain their integrity throughout the refurbishment.