Luxury Australian Hotel For Sale

The Palazzo Versace on Queensland’s Gold Coast is up for grabs, the Wall Street Journal is reporting.

The seller, Australian developer Sunland Group Ltd., said Tuesday it was selling the 12-year-old hotel to focus on residential property. It has 200 rooms and suites and 72 condominiums, a heated outdoor lagoon pool with a white-sand beach, three restaurants, and a spa and fitness center.

Sam McVay, managing director of McVay Real Estate, which is handling the sale through a public tender process, said he expected the hotel to sell for around $82.1 million, with interest expected from Australia and Asia.

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