The 140-room InterContinental Double Bay is the first major hotel offering for the year and comes as hoteliersAt 33 Cross Street, the InterContinental boasts a star-studded roll-call of visitors through the years including Princess Diana, David Bowie and Sir Elton John. It gained a fresh lease on life last year through Terzini’s award-winning refresh of the hotel bar, known simply as The Bar.
Built in 1991 and originally launched as The Ritz-Carlton, the Bates Smart-designed property has been managed by IHG HotelsResorts for the past eight years. It is being offered with the potential for vacant possession by its owners, Fridcorp and Piety Group, who are looking to exit and move on with their individual projects.
The joint owners will be looking to tap appetite for investment into accommodation market as the rebound in tourism gathers steam. There is also a development play potentially in the wings, given the site extends over 3674 square metres in the heart of Double Bay. The property is being handled by CBRE and Colliers.
CBRE’s Michael Simpson said: “Sydney is emerging as a favoured Asia-Pacific destination for luxury hotels with branded residences, offering apartments for sale within a hotel-led development.“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.