Singapore's The Royal Group is selling the InterContinental Sydney Double Bay via Craig Collins of JLL with pricing expectations in excess of $150m.
In mid-2013, The Royal Group purchased the hotel for around $58 million, according to The Sydney Morning Herald. The 140-room hotel at 33 Cross Street sits in one of Sydney’s most exclusive suburbs and has extensive conferencing facilities and one of the city’s most spectacular rooftop pools.
The Royal Group said the "Intercontinental Sydney Double Bay Hotel offers the finest in luxury and privacy. Guests can enjoy the picturesque seaside village atmosphere of Double Bay, with boutique shopping, cafes and a stunning beach and harbour view."
The hotel underwent an extensive $40 million renovation in 2014 in partnership with Bates Smart architects, and was closed for a number of months. At that time, the InterContinental Double Bay represented the only five-star hotel outside Sydney's CBD.
Built in 1991 as a Ritz-Carlton, the hotel became known as a playground for celebrities, rock stars and world leaders over the following 10 years with guests including Princess Diana, Madonna and the Clintons to the controversial death of INXS frontman Michael Hutchence. It adopted a different demeanour after becoming the Stamford Plaza in 2001, before closing for redevelopment in 2009.
The hotel is located in a prominent position in Cross Street in Double Bay and is modelled on regency architecture. Bates Smart has retained the interior’s traditional elements of existing marble floors and timber panelling and produced an overlay that provides a fresh casual elegance whilst maintaining the grandeur and formality of the building.
For the Royal Suite, the company's approach was to "accentuate the very best of the original building while adding a layer of understated elegance fit for today's modern royals."