JV acquires Double Bay hotel for $180M

The Intercontinental Double Bay has been acquired from Shanghai United by Fridcorp and Piety Group.

The joint venture (JV) plans to restore the building to its former prestigious glory.

The purchase is understood to have been worth $180 million, which included the land and associated business at 33 Cross Street in Sydney’s CBD.

A spokesperson for the JV said it was “honoured to have acquired the iconic property with an incredible history” and was “excited for the opportunity to ensure the hotel’s legacy”.

“The acquisition is one of the most significant hotel deals since the pandemic, and Fridcorp and Piety envisage returning the property back to its former prestige,” they said.

Before the InterContinental Double Bay was reopened in 2014, it had been refurbished by Bates Smart which included two bars, rooftop pool bar, function and conference facilities and the underground carpark that has 156 car spaces. All this equates to more than 19,545sq m of gross building area.

In 2017, Singapore’s Royal Group sold the building for $140 million to the Chinese-backed developers.

This sale was believed to have been a record for a non-CBD hotel.

Irit Jackson, 11th May 2021