Fresh reports are claiming the InterContinental Hotel in Double Bay is about to get snatched up by a Chinese multinational.
According to The Australian, the hotel, infamous for being the place where INXS rockstar Michael Hutchence was found dead in 1997, could be sold for as much as $140 million, to Chinese private equity group, Shanghai United.
Per the Oz, the group is currently looking to spend big with hotel deals in Sydney, as well as an apartment deal with Crown Group, and in the past had made loud mentions of the massive amounts of money it has to plough into Sydney’s real estate scene.
But Shanghai United could have some competition, per the Oz, who claim a number of parties have got their eye on the IHG property.
The IHG Double Bay is a 140-room hotel, previously operating under Stamford Plaza and Ritz Carlton brands, before scoring a rebrand from Singapore’s Royal Brothers when they purchased the property in 2013.
Per the Oz, they invested $100 million into the five-star property, but since reopening in 2014 still haven’t been able to match the occupancy and room rates of its inner-city counterparts.
Shanghai United appears to want to build big down under, after announcing a partnership with AccorHotels Pacific for a new luxury boutique hotel in Sydney’s CBD, under the MGallery by Sofitel brand, writes the Oz.
The Chinese group last year bought a block in the heart of Sydney, on the corner of Bathurst and Castlereagh, and is looking at a project stretching 36 levels up, according to the publication.