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Sign in Sign up for a FREE subscriptionChina Mainland firm sells luxury hotel in Sydney for $140m
Shanghai United, a Chinese private equity group, has sold the five-star luxury Intercontinental Hotel Double Bay for approximately A$179 million ($140 million) to Melbourne-based developer Fridcorp in a joint venture with Piety Group.
The acquisition includes the refurbished Bates Smart–designed 140-room hotel, along with the conference facilities, two bars, rooftop pool bar and the 156 underground car parks. The asset totals 19,545 square meters (210,380 square feet) gross building area. The hotel is currently managed by IHG Hotels & Resorts.
The luxury hotel originally opened as a Ritz Carlton Hotel in 1991 and was later rebranded as the Sir Stamford Double Bay in 2001 before becoming the Intercontinental Sydney Double Bay in 2014.
