Sydney’s iconic InterContinental Double Bay hotel has be brought to market by joint venture owners Fridcorp and Piety Group. The joint venture has moved to offload its respective stakes in the landmark hotel, once frequented by the likes of Princess Diana, David Bowie and Sir Elton John, to allow each party to pursue separate projects.
Built in 1991 and originally launched as The Ritz-Carlton, the Bates Smart-designed 140-room property at 33 Cross Street, Double Bay, has been managed by IHG Hotels & Resorts for the past eight years and is being offered with the potential of vacant possession.
Upgrades over the past 12 months, include transforming the bar and restaurant under the expertise of esteemed restaurateur, Maurice Terzini, of Bondi’s Icebergs Dining Room & Bar fame, which have seen the hotel reclaim its former glory.
The Bar was recently named the ‘Best Hotel Bar in Australia’ at the prestigious annual Hotel Management Awards and featured in Sydney’s Top 20 Bars. These coveted accolades will help position the hotel to continue to outperform for a new owner, while ensuring its unique legacy.
Now ranking among Sydney’s highest hotels in terms of Revenue Per Available Room (RevPAR), with The Bar and restaurant channeling the glamour of some of the world’s best bars, the joint venture believe it is a commercially astute decision to sell at this time.
CBRE and Colliers have been exclusively appointed to manage the Expressions of Interest campaign, providing an opportunity to secure a prominent Sydney hotel (often referred to as the jewel of the East) with significant future development potential (subject to council approval).
Currently managed under a Hotel Management Agreement with InterContinental Hotels Group, the opportunity exists to acquire the hotel with vacant possession, potentially enabling an incoming investor to establish a new brand within an exclusive Sydney locale.
Expressions of interest close on Wednesday, April 5th at 12pm.