Luxury Gold Coast hotel for sale amid tourism struggles

Hotel News - 26/04/2012

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This week saw the Palazzo Versace hotel put on the market by owners Sunland; experts say the luxury hotel is expected to bring some AUD $80 million (£51 million) amid difficult trading conditions in the region.

The property has attracted strong interest from potential Asian buyers, according to reports, and its listing comes only a half-year after it was acquired by Sunland as part of a swap deal with Dubai-based Enshaa Group. McVay Real Estate agents Sam and Dan McVay are handling the sale; McVay is based in both Sydney and Brisbane.

In an interview with Australian Media, Sam McVay said that although the hotel was likely to be purchased by an overseas entity that it had also attracted interest from a number of high-profile Australian investors due to the property’s iconic status in the domestic market.

Upon its opening in 2000, the Palazzo Versace was the first fashion brand name hotel in the world. The property features 200 guest rooms, a luxury ballroom, a range of shopping, several restaurants and exclusive spa and fitness facilities.

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