InterContinental Sydney Double Bay on market for more than $150m

Royal Group reportedly shopped the five-star hotel around quietly about a year ago having spent about $100 million refurbishing the 140-room property on Cross Street. It acquired the former Ritz-Carlton Hotel for almost $60 million in 2013.

UK hotel giant InterContinental took over as operators in November 2014 after the refurbishment and a rocky ownership period as the Ritz Carlton where it paid host to celebrities including Princess Diana, Madonna and the Clintons.

Now it is being offered through an on-market expressions of interest campaign by JLL Hotels & Hospitality chief executive Craig Collins.

Mr Collins said it was the first Sydney five-star hotel to be offered to the market since the Westin Sydney sold for a record $445 million to a joint venture between Singaporean developer Far East Land and the Hong Kong-listed Sino Land Company.

“The InterContinental Sydney Double Bay is truly one of Sydney’s most iconic hotel properties and there remains an incredibly strong desire for Sydney five-star hotel assets amongst international investors,” Mr Collins said.

“The city is a target investment destination for global buyers, and is often referred to in the same breath as New York, London, Paris and Hong Kong when we meet with parties to discuss their investment aspirations.”

Apart from 140 rooms and suites, the hotel includes extensive conferencing facilities, restaurant and bar, and one of Sydney’s most spectacular rooftop offerings, with a pool and bar overlooking Sydney Harbour.