Sydney's five-star InterContinental Double Bay listed
The InterContinental Sydney Double Bay five-star hotel Sydney’s eastern suburbs has been put up for sale with expectations of $150 million plus.
The hotel is controlled by Ashok Hiranandani’s Singapore-based Royal Group Holdings, which owns a portfolio of hotels, shopping centres, office towers, industrial property and residential developments across the Asia-Pacific region.
A report in the Australian Financial Review, said Royal Group reportedly spent about $100 million refurbishing the 140-room hotel, said the report. UK hotel giant Intercontinental took over as operators in November 2014 after the refurbishment.
The Cross Street property was bought in 2013 for $57 million by Hiranandani’s, Royal Hotels Australia. It had previously sold to the Valad Property Group for $81.5 in 2008. It will be Royal Hotels’ fifth in Australia.
The former Ritz Carlton Hotel-turned-Stamford Plaza was a hotspot for visiting royalty such as Princess Diana, Madonna, Sir Elton John and former US President Bill Clinton, before languishing.
The marketing is being handled by JLL Hotels & Hospitality CEO Craig Collins.
The property stands on a freehold site of more than 3670 sqm, with six retail tenancies and a 156-space underground public car park.
