The Palazzo Versace hotel on the Gold Coast will lose its signature fashion house namesake after the House of Versace decided not to renew its branding agreement with the luxury hotel.
The Palazzo Versace hotel is one of only two hotels to carry the coveted Versace moniker, with other hotel located in Dubai.
It is believed the owners of the hotel flew to Milan to meet with the fashion house but returned without an agreement, meaning the hotel will have to find a new name in the next few months.
The end of the agreement will mean more than just a name change though, with much of the hotel featuring signature Versace elements, including thousands of Medusa tiles, which will have to be removed.
The hotel caused a global splash when it opened on the Gold Coast in 2000 at a cost of around $200 million by Sunland Group. The hotel was later sold to a Chinese consortium in 2012.
“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,” Palazzo Versace founder Soheil Abedian told 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.”