Consortium set to make $210m bid for iconic Double Bay hotel
A powerful consortium of property developers is set to make a play for Sydney’s InterContinental Hotel Double Bay.
The consortium, led by developer Allen Linz of Rebel Property Group, business partner Eduard Litver of Capitel Group and United Cinemas chief executive Sam Mustaca, is currently in due diligence phase for what is believed to be a bid of more than $210 million.
The Double Bay hotel was once a world-famous hotel, hosting the likes of Princess Diana and Elton John and Madonna when it was the Ritz-Carlton. Infamously, it was the scene of INXS singer Michael Hutchence’s death in 1997.
It is being sold by owners, Melbourne developer Paul Fridman and Sydney-based Bilal El-Cheikh, of Piety Group. Fridman was recently bankrupted and the pair is in a legal dispute over stalled efforts to redevelop the Double Bay icon. It is alleged Fridman racked up bills staying in the hotel’s penthouse.
Linz and Litver are behind the development of the $450 million Pacific Bondi complex and have developed several boutique complexes.
The consortium is expected to overhaul the hotel to include apartments.
It is not the first time an overhaul has been touted for the five-star, 140-room property, but no plans have come to fruition.
Fridman and El-Cheikh brought in Maurice Terzini to fix the hotel’s food and beverage offerings. They also looked to upgrade interior design and furnishings in what was to be 31 luxury apartments to capture Sydney Harbour views.
The pair purchased InterContinental Hotel Double Bay for $178 million in 2021. This dispute is ongoing.
Jonathan Jackson, 17th October 2023
