- Monday, 30 April 2012 10:22
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Sunland Group has put its flagship property, Palazzo Versace on the Gold Coast, on the market so the group can re-focus on its core business of property development.
Other than the overall cost (expected to be around $80 million) that could be a hurdle for some, Palazzo Versace has always had a healthy occupancy rate – currently thought to be running at 80%.
Sunland owns 100% of the hotel after James Packer sold his 13.5% stake in 2009 and did a swap with Versace Group for the remaining 49% giving up its share of the Dubai Versace six months ago. The hotel opened in September 2000.
Sunland is looking at other developments on the Gold Coast and recently acquired the Mariner's Cove site for $13 million.
McVay Real Estate principal Dan McVay says he expects the hotel to bring at least $80 million. "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."
"It's also being sold in pristine condition, having undergone a multimillion-dollar revitalisation in the last 18 months," Mr McVay said.
Expressions of interest in Palazzo Versace will close in early June.