The sale of Palazzo Versace on the Gold Coast, the world-first fashion-branded hotel, settled yesterday.
Its developers the Sunland Group told the stock exchange the $68.5 million contract of sale for the iconic 5-star resort had been completed, brokered by Sam and Dan McVay of McVay Real Estate.
Sunland managing director Sahba Abedian said the Chinese investor buyers received approval from the Foreign Investment Review Board.
Mr Abedian said the buyers had also met with representatives from the House of Versace in Italy and they had approved the sale. The House of Versace owns the Versace brand.
Its new owners are little known reportedly a construction group and travel company from Hong Kong.
In October 2011 Sunland reached agreement with the Enshaa Group to exchange its joint venture Dubai projects – the Palazzo Versace Dubai and D1 Tower – for 100% ownership of the Palazzo Versace hotel on the Gold Coast.The 200-room hotel which opened in 2000 has undergone a multi-million-dollar revitalisation in the past 18 months. Its has three restaurants, a marina and 72 attached condominiums.