Double Bay’s InterContinental Hotel hits the market … again
Melbourne property developer Paul Fridman and his development partner Sydney’s Piety Group have put the Intercontinental Hotel on the market, just a year after acquiring he property for $178 million.
Fridman and Piety Group bought the hotel in December, 2021 from Chinese Group Shanghai United.
The revamped Double Bay hotel is now listed at $240 million-plus.
Fridman hired Icebergs legend Maurice Terzini to transform the 140-room hotel’s food and beverage department.
Terzini’s golden touch led the Intercontinental to recently winning a top award.
The Intercontinental is one of Sydney’s more famous hotels having hosted Princess Diana, Madonna and David Bowie since opening in 1991.
It is also where INXS lead singer Michael Hutchence died in 1997.
Marketing of the hotel will begin next month and is expected to attract domestic and international interest.
The hotel will be offered as a vacant possession.
The bar and restaurant have been transformed, while from level 2 to the top there is a 60m span of uninterrupted views of Sydney Harbour. The hotel also 200 existing carparking slots.
“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. We anticipate very strong interest from a wide range of local and international developers and hotel owners,” Colliers National Director for Residential, Guillaume Volz said.
CBRE Chairman, Residential Projects, Justin Brown, said, “Double Bay is Sydney’s premier luxury “village” locale. It is perpetually under supplied for luxury residential stock. This opportunity is not only Double Bay’s but arguably Australia’s best mixed-use opportunity coming in 2023.”
CBRE Hotels Managing Director, Michael Simpson was confident the property would benefit from increased tourism.
“Sydney is emerging as a favoured Asia Pacific destination for luxury hotels with branded residences, offering apartments for sale within a hotel-led development,” Simpson said.
“Prominent examples include the Crown Residences at One Barangaroo, 1 Hotel in Melbourne and Mondrian Gold Coast Hotel and Private Residences in Burleigh Heads, with residents afforded access to the same five-star services and amenity as hotel guests.”
Jonathan Jackson - 19-1-23
