The Palazzo Versace on the Gold Coast is reportedly being sold to a Melbourne-based property group for $144 million.
A report in the Gold Coast Bulletin states the Shakespeare Property Group has an exclusivity agreement to buy the hotel. The group already owns a number of Queensland hotels including Novotel Twin Waters Resort, Pullman Cairns International and Novotel Oasis Resort Cairns.
Accor and InterContinental Hotel Group are also believed to be interested in managing the hotel.
The hotel last changed hands in 2012 for $68.5 million when it was acquired by China’s Dong Run Group.