Landmark InterContinental Double Bay on the auction block

A landmark Sydney hotel frequented by Princess Diana, David Bowie and Sir Elton John will go on the market next month.

The InterContinental Double Bay hotel will be the subject of an expressions of interest campaign as joint-venture owners Fridcorp and Piety Group move to offload their respective stakes in the landmark hotel “to pursue separate projects”.


It is expected to fetch in the vicinity of $230 million.

CBRE and Colliers have been appointed to manage the campaign, “providing an opportunity to secure a prominent Sydney hotel with significant future development potential (subject to council approval)”.

Built in 1991 and originally launched as The Ritz-Carlton, the Bates Smart-designed 140-room property at 33 Cross Street has been managed by IHG Hotels & Resorts for the past eight years and is being offered with the potential for vacant possession.

Fridcorp and Piety Group acquired the hotel with the view to returning the hotel in the eastern suburbs harbour precinct to its once famed prestige and luxury.

Upgrades during the past 12 months, including transforming the bar and restaurant under the expertise of restaurateur Maurice Terzini, of Bondi’s Icebergs Dining Room & Bar fame, have helped the hotel reclaim its former glory.

The hotel bar, called The Bar, was recently named the Best Hotel Bar in Australia at the annual Hotel Management Awards and featured in Sydney’s Top 20 Bars.

Now ranking among Sydney’s highest hotels in terms of Revenue Per Available Room (RevPAR), with The Bar and restaurant channelling the glamour of some of the world’s best bars, the joint venture believe it is a commercially astute decision to sell at this time.

Colliers national director for residential Guillaume Volz said the InterContinental Sydney Double Bay benefitted from its major site area of 3674sq m in the heart of Double Bay’s sought-after retail and residential precinct.

“In the medium term, and subject to council consent, the property provides the opportunity to be redeveloped into a premium mixed-use project comprising a hotel, residential apartments and retail,” he said.

“We anticipate very strong interest from a wide range of local and international developers and hotel owners.”

CBRE chairman, residential projects, Justin Brown, said Double Bay was Sydney’s premier luxury “village” locale.

“It is perpetually under supplied for luxury residential stock. This opportunity is not only Double Bay’s but arguably Australia’s best mixed-use opportunity coming in 2023,” he said.

CBRE hotels managing director Michael Simpson said interest in the campaign would be underpinned by the continued rebound in international tourism and the rising global popularity of hotel-branded residences.

“Sydney is emerging as a favoured Asia Pacific destination for luxury hotels with branded residences, offering apartments for sale within a hotel-led development,” he said.

Via The Urban Developer

Get our enews

Design and development news that comes to you


Women in construction

The recently released Building Commission NSW Women in Construction Report, commissioned by the NSW Building Commission, makes several ...

HIA: Lack of skilled tradespeople hurting long-term building target

A pre-budget submission from the Housing Industry Association (HIA) believes that the Federal Government’s target of building 1.2 ...

Home is where the comfort is

The Heritage Apartment emerges from a desire to create a space where coziness is one of its pillars, ...

Go with the flow

Located in the picturesque landscape of the Beskid Żywiecki Mountains, Poland, on an area with a steep slope ...

Introducing Vetérro™ - Where excellence meets imagination. Elevate your space today.

Vetérro™ by HVG Facades is the latest high-density fibre cement product. Redefining the landscape of architectural cladding.


Stay connected to the SPEC

Join our reader network by signing up to our weekly newsletter and receive design and development news straight to your inbox

Specifier Source is brought to you by the same company that publishes Home Design, Grand Designs Australia Magazine, Kitchens & Bathrooms Quarterly Magazine, Outdoor Design Source, Build Home, CompleteHome and many more.

© 2022 Universal Media Co. All Rights Reserved. Privacy Policy. Terms of Service. The material on this site may not be reproduced, distributed, transmitted, or otherwise used, except with the prior written permission of Universal Media Co.