InterCon Double Bay sold for $140 million

InterCon Double Bay sold for $140 million

Almost two weeks after the rumours began, it’s been confirmed that the InterContinental Double Bay hotel has been sold for $140 million.

Per News Corp reports, the Royal Group, the company who owns the iconic hotel, has sold it to Shanghai United Real Estate Inc and Zobon Real Estate Group Co., Ltd.

After paying $60 million for it back in 2013, the Singaporean owners at Royal Group spent millions of dollars revamping the 140-room luxury property, before reopening it as the InterContinental, under management by IHG.

Per reports, the hotel will continue to operate under IHG management.

“The sale of this asset followed our strategy of recycling capital following the initial stabilisation period,” Royal Group managing director Peter Wilding said, per News Corp.

“Whilst we understand that the price of circa $140 million is a record for non CBD hotels in Australia we will miss working with all the local stakeholders in the ongoing rejuvenation of Double Bay.

“We are pleased with the sale and congratulated the purchasers on their acquisition of a beautiful and unique property.”

“The InterContinental Sydney Double Bay sale is the first luxury hotel to be sold in Sydney since the sale of the Westin Sydney in 2015,” said Craig Collins of JLL Hotels and Hospitality Group, the company who helped manage the sale.

“The Sydney hotel market is hot and in my 22 years of selling hotels I have never seen it this strong.”

Shanghai United has taken a strong liking to the Sydney market in recent years, and per News Corp has acquired five properties in the city since 2015.

Earlier this week, they also announced a partnership with AccorHotels to build the brand new luxury boutique MGallery by Sofitel hotel in Sydney’s CBD.

Latest News

  • Products

Embrace the journey: Traversing the world with the Shokz OpenRun

If you’ve been on the wrong side of a final call in the airport, or missed the stop on rail journey, it might be time to invest in a pair of Shokz OpenRun headphones. Originally marketed as headphones for fitness fanatics, runners or cyclists with a keen to steer clear of a prang with a car, […]

  • Tour Operators
  • Tourism

TTC: Deals are driving up demand for September trips

The latest market research from TTC Tour Brands shows interest in international leisure travel remains high for 2024, with 77 per cent of Australians over 18 still planning trips this year. Notably, 28 per cent of those travellers are eyeing September for their journeys. Europe continues to be the most popular destination, with 68 per […]

  • Aviation

Qantas ‘working urgently’ to fix app data leak

Qantas is looking into customer reports that passengers have this morning been able to access other passengers’ personal information on the airlines app. X user Lachlan posted that he was able log into different accounts every time he opened the app. My @Qantas app logs me in to a different person each time I open […]

  • Hotels

Revamped Wailoaloa Beach hotel opens as Crowne Plaza Fiji Nadi Bay Resort & Spa

Crowne Plaza Fiji Nadi Bay Resort & Spa is open and ready for bookings after the first phase of a multi-million-dollar transformation. Part of IHG Hotels & Resorts’ premium collection, the transformation has seen the completion of 106 guestrooms showcasing contemporary interiors reflective of the premium Crowne Plaza brand and is a first for the […]

  • Luxury
  • News

Kamalaya Koh Samui clinches clutch of wellness awards

Kamalaya Wellness Sanctuary & Holistic Spa has so far clinched five prestigious awards in 2024, including being inducted into the ‘Hall of Fame’ at the World Spa & Wellness Awards in London. Founders of the Koh Samui sanctuary and spa John and Karina Stewart expressed their heartfelt gratitude for the awards. “We are profoundly honoured […]