The Palazzo Versace hotel parts ways with the House of Versace ahead of rebrand
The Palazzo Versace hotel on the Gold Coast and the House of Versace are set to part ways, with the iconic fashion brand walking away from its branding agreement.
Failure to renew the agreement with the luxury hotel has come after a failure to come to terms agreeable to both parties.
The current deal will expire mid-year.
The $200 million Palazzo Versace hotel is steeped in Versace opulence and features thousands of Medusa tiles, marble finishes and lavish Versace pieces.
The end of the agreement means the hotel will have to be remodelled, with Medusa tiles removed, excluding the largest Medusa tile in the foyer.
Residents of Palazzo can see the positives of the pending refresh and condo owners hope the hotel will maintain the integrity of their private waterfront residences.
Meanwhile, major hotel groups including Hilton Worldwide have expressed interest in buying the property, but would have to factor in a refurbishment of around $58 million or more.
Palazzo Versace founder Soheil Abedian sees the loss of Versace as an opportunity for an international hotel to make it their own.
“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.”
Jonathan Jackson, 18th April 2023
