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Sunland and Versace build a future together
Australia’s Gold Coast based hotel developer Sunland has announced they have entered into an agreement with the House of Versace of Italy to develop 15 super-luxury resorts around the world.
It also announced a funds-management joint venture with acquisitive funds manager MFS Ltd to target the emerging markets in the Middle East.
Sunland will partner with Gianni Versace SpA in Milan’s MD Gian Carlo Di Risio and under the arrangement, Sunland would choose locations and build hotels valued at around $1 billion each, under the Palazzo Versace brand.
Sunland MD, Sahba Abedian said Sunland brought the concept of a luxury hotel to the Italian design house in 1998, resulting in the first Palazzo Versace being built on the Gold Coast, with work on the second Palazzo Versace in Dubai, expected to begin in January, for completion in 2009.
Mr Abedian said the third development would be in Asia, and that Singapore and China offered possibilities, with the global rollout of 15 hotels taking place over 30 years, and a new Palazzo Versace being built every two years after 2009.
Mr Abedian expected to also form a joint venture with a local partner who would fund the projects, like Emirates International Holdings, the large United Arab Emirates company linked to Sheikh Tariq Al Qassimi, a member of one of the emirate’s influential ruling families.
Sunland is also expanding in funds management, through a joint venture with MFS and initially, the joint venture, 50% of which will be owned by MFS and 50% equally held between Sunland and EIH – would focus on the UAE, with Mr Abedian saying that the joint venture would open an office in Dubai.
MFS MD Phil Adams said the company could see “tremendous opportunities” for its funds-management business in the Middle East, with MFS running the funds-management business in Dubai.
Report by The Mole
John Alwyn-Jones
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