Palazzo Versace

PHOTO: Palazzo Versace

  • Gold Coast hotel for the super rich has been nabbed by Melbourne property firm
  • The hotel investor spent a colossal $114million on the luxury waterfront hotel   
  • Palazzo Versace is a ‘fashion-inspired’ hotel, a drawcard for the rich and famous

Fergs Coffee

A prominent property group is set to snap up an one of Australia’s most iconic hotels for a whopping $114million.

Palazzo Versace in the Gold Coast – which has played host to some of the wealthiest people in the world – is being purchased by the Melbourne-based Shakespeare Property Group.

The Gold Coast Bulletin claimed the hotel investor has dibs on an exclusivity agreement to buy the trophy asset.

Since launching in 2000 it has been a drawcard to the rich and famous, including Paris Hilton, Rod Stewart and Jennifer Lopez.

The 'fashion-inspired' Palazzo Versace (pictured) has 200 rooms and 72 condominiums

The ‘fashion-inspired’ Palazzo Versace (pictured) has 200 rooms and 72 condominiums 

The Luxury drawcard will be snapped up by a Melbourne property firm with stakes in other opulent accommodation facilities along the east coast

The Luxury drawcard will be snapped up by a Melbourne property firm with stakes in other opulent accommodation facilities along the east coast

The hotel has seen the likes of Paris Hilton, Rod Stewart and Jennifer Lopez waltzing through

The hotel has seen the likes of Paris Hilton, Rod Stewart and Jennifer Lopez waltzing through

Palazzo Versace is described as 'everything you would expect in a hotel from the world of Versace ... and an ambience of pure glamour'

Palazzo Versace is described as ‘everything you would expect in a hotel from the world of Versace … and an ambience of pure glamour’

The expected purchase is another notch on the belt after a successive string of high-end buys the company made in major centres along the east coast.

In 2018 the firm – which is the commercial property arm of Prime Value – splurged a cool $100million on the Novotel Twin Waters Resort on the Sunshine Coast.

They also own two other Queensland hotels – the Pullman Cairns International and Novotel Oasis Resort in Cairns.

Aussie luxury hotels and resorts have been up for grabs in the last 12 months with the pandemic prompting its mostly Asian owners to sell on masse.

And Shakespeare Property Group has been an active player in the commercial real estate market, buying and selling when opportunities arise.

The hushed sale of the fashion-branded hotel (pictured) attracted the attention of the Intercontinental and Accor Groups, who may end up operating it

The hushed sale of the fashion-branded hotel (pictured) attracted the attention of the Intercontinental and Accor Groups, who may end up operating it

The five star hotel complex near Southport on the Gold Coast (pictured) comes complete with a spa retreat and fitness centre, a private marina and plush suites

The five star hotel complex near Southport on the Gold Coast (pictured) comes complete with a spa retreat and fitness centre, a private marina and plush suites

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