InterContintinental Double Bay for sale again
Fridcorp and Piety Group are flipping the Double Bay hotel they purchased in the height of the COVID pandemic.
The six level InterContinental, on 3684 square metres at 33 Cross Street, is expected to sell for $240 million.
The pair outlaid c$178m in May, 2021, before carrying out some minor renovations on the already swank space.
Colliers’ Guillaume Volz with CBRE’s Justin Brown and Michael Simpson are the agents.
InterContinental Double Bay
Completed 32 years ago as The Ritz-Carlton, the 140-suite hotel gained notoriety when INXS lead singer Michael Hutchence was found dead there in 1997.
Bill Clinton, Elton John, Madonna and the late George Bush Senior, Princes Diana and David Bowie are amongst other high profile former guests.
Between 2001-2009, the asset traded as the Sir Stamford Double Bay (story continues below).
For the last eight years, it has been managed by IHG Hotels & Resorts.
With possible vacant possession, the agents are marketing the development upside; a permit issued in 2011 allowed for eight levels.
“Upgrades over the past 12 months, including transforming the bar and restaurant under the expertise of esteemed restaurateur Maurice Terzini, of Bondi’s Icebergs Dining Room & Bar fame, have seen the hotel reclaim its former glory,” they said.
“Now ranking amongst Sydney’s highest hotels in terms of Revenue Per Available Room, with the bar and restaurant channelling the glamour of some of the world’s best…the joint venture believe it is a commercially astute decision to sell,” the brokers added.
“In the medium term, and subject to council consent, the property provides the opportunity to be redeveloped into a premium mixed-use project comprising a hotel, residential apartments and retail,” according to Mr Volz.
Fridcorp, which is Melbourne based, and the locally headquartered Piety, will tip proceeds into other projects.
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