Sunland Group

Sunland Group has announced that its flagship development Palazzo Versace on the Gold Coast is up for sale. Sunland swapped its troubled joint venture investments in Dubai–including a 51% interest in Palazzo Versace Dubai and a 50% interest in D1 Residential Tower Dubai–for the remaining 49% of the Gold Coast hotel that it didn’t already own late last year. Extricating Sunland from Dubai was a sensible move, as is selling Palazzo Versace. Management can now focus on its core strength, property development. The hotel is expected to fetch around $80m. The proceeds will help Sunland buy back shares at...

Sunland Group has announced that its flagship development Palazzo Versace on the Gold Coast is up for sale. Sunland swapped its troubled joint venture investments in Dubai–including a 51% interest in Palazzo Versace Dubai and a 50% interest in D1 Residential Tower Dubai–for the remaining 49% of the Gold Coast hotel that it didn’t already own late last year.

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