NEW YORK, March 4, 2026, 15:04 EST
- Hilton has inked an agreement to manage the former Palazzo Versace property on the Gold Coast, set to relaunch under its LXR luxury brand.
- Renovation is expected to get underway in the coming months, with the property aiming for a 2027 reopening as an LXR hotel.
- Hilton shares hovered near the flatline in afternoon New York trading
Hilton Worldwide Holdings (HLT.N) has signed on to manage the former Palazzo Versace hotel on Australia’s Gold Coast, with plans to rebrand it under the LXR Hotels & Resorts banner. The target: a 2027 reopening. Renovations and expansion are slated to kick off in the coming months. The property is expected to remain open for business during the revamp.
Hilton secures a fresh entry into Australia’s luxury tier, a space where global hotel chains are chasing wealthier tourists and lucrative events traffic. Under the management agreement, Hilton takes charge of daily operations, while asset ownership remains with the original proprietor, collecting fees for its role.
Hilton is pushing further into its fee-based strategy, expanding its footprint by adding brands and rooms without having to own the properties themselves. According to a company statement published by Hotel Online, LXR—Hilton’s collection-style luxury brand—now counts 36 hotels open or on the way.
The deal comes just as competitors step up their luxury efforts in Australia. Minor Hotels, for one, has its sights set on launching the Anantara brand in Perth—a move flagged in a separate statement and one that highlights intensifying competition for top-tier sites and ownership.
Hilton’s Tushar Raniga, who heads development for the region, told travel trade publication Karryon that the Gold Coast aligns with LXR’s focus on “place, design and experience.” Karryon
Candice D’Cruz, who oversees Hilton’s luxury brands in Asia Pacific, told Safari India the hotel aims to attract travellers seeking “exceptional quality” along with an experience that’s “authentic” and locally rooted. Safariindia
Hilton slipped roughly 0.3% to $305.05 during afternoon trading in New York, putting the hotel giant’s market cap near $61 billion.
The Gold Coast property’s been in the spotlight for years. Originally launched in 2000 as Australia’s first fashion-branded hotel, it dropped the Versace name in 2023 when the branding deal expired and has traded since as The Imperial Hotel, according to the Australian media report.
Hilton isn’t sharing the financial details. What really matters for investors: how quickly the renovation moves, whether room rates bump up once the doors open again, and if the property attracts enough luxury guests to make the upgrade worthwhile.
Timing stands out as a major risk. Large-scale renovations tend to drag on—permits, labour hiccups, supply chain stumbles all get in the way. And luxury travel? Its fortunes can shift fast if consumers pull back on spending or if regional airlift tightens up.
Hilton is doubling down on the Gold Coast, convinced the region can handle another international luxury flag and that property owners still see value in shelling out for marquee brands that pull in bookings and loyal guests.
