Versace hotel on market for HK$612m

PUBLISHED : Wednesday, 23 May, 2012, 12:00am
UPDATED : Wednesday, 23 May, 2012, 12:00am


Palazzo Versace on Australia's Gold Coast, one of the world's first fashion-branded hotels, is on the market for A$80 million (HK$612.10 million) - with wealthy Asian buyers the target.

The luxury hotel is owned by ASX-listed Sunland Group, which has mandated CBRE and McVay Real Estate as exclusive agents for marketing the sale in Asia, said Reid Mackay, executive director of CBRE Capital Markets Asia. The agents expect expressions of interest from onshore and offshore parties, he said.

As Asian countries see rapid growth in wealth, Mackay expected the buyer to come from the region.

And McVay Real Estate principal Dan McVay told the Gold Coast Bulletin: 'It's totally unique and will be seen as a trophy property, not just by hoteliers but by some of the world's wealthiest people.

'There has been a never-ending trail of people wanting to buy the hotel over the years, virtually all of them from offshore ... I expect the buyer to be international, with Asian parties probably at the front of the queue.'

Located on 5.5 hectares of prime land on Main Beach, near the Gold Coast Broadwater and 3 kilometres north of Surfers Paradise, the hotel was conceived by Sunland Group founder Soheil Abedian in 1997, who approached the Italian fashion house with the idea. It opened in 2000, with 200 rooms and suites, 72 condominiums and a 65-metre heated outdoor lagoon pool with a white-sand beach. It has since undergone a multimillion-dollar renovation.