IC Double bay

[eric2011]

Maybe a re-brand coming up ?

Famed Hotel Hits The Market

Hitting the market early in the New Year is the InterContinental Sydney Double Bay, in a campaign being led by Colliers - Sydney and CBRE. The vendors are joint-venture owners Fridcorp and Piety Group, design-based property developers.

The InterContinental Sydney Double Bay, previously known as the Ritz-Carlton Hotel, is a five-star, five-level boutique hotel with a retail area with 37 shops (The Promenade), a dining and ballroom area, a conference room, four floors of residential units, 140 hotel suites and two levels of basement car parking for 156 cars. It was built in 1991, closed in 2009 to undergo a multi-million refurbishment and re-opened as a hotel in 2014. Further upgrades were also carried out by the current owners including regenerating the bar and restaurant under the experienced eye of restaurateur, Maurice Terzini.
The hotel is reportedly for sale with an asking price of $240 million. It previously traded at $128 million in 2021 and at $87 million in 2017.

 

[drron]

Basically the speculation occurs every time it sells. but it was originally the Ritz carlton then the Sir Stamford and only became an IC in 2014.

It was sold by the Chinese in 2021 which was good as they had plans to demolish it and put up an eight story residential block. But it was also bad as the current Melbourne owners planned to refurbish it and reopen as a Louis Vuitton hotel.

Intercontinental Hotel Double Bay sold by Chinese private equity group for almost $180m

The luxury hotel was offloaded by Chinese private equity group Shanghai United, which bought it four years ago.

www.commercialrealestate.com.au

So we will see what the new owner wants. I hope it stays as an IC but likely it will rebrand.

 

[eric2011]

Basically the speculation occurs every time it sells. but it was originally the Ritz carlton then the Sir Stamford and only became an IC in 2014.

I know there is a Sir Stamford at Circular Quay but I thought the one at DB was 1 street over in Knox Street and which I think is now closed as well or am I thinking something else ??

 

[drron]

I know there is a Sir Stamford at Circular Quay but I thought the one at DB was 1 street over in Knox Street and which I think is now closed as well or am I thinking something else ??

The AFR article on the 2021 sale had the Sir Stamford until 2014. But now behind a pay wall.

 

[eric2011]

Its too far gone for me to remember correctly but I thought it went direct from Ritz Carlton to IC. I might well be wrong though

 

[SYD]

Its too far gone for me to remember correctly but I thought it went direct from Ritz Carlton to IC. I might well be wrong though

You are correct. The Stamford Plaza is a seperate hotel and closed.

I haven‘t checked, by the IC property is probably being sold subject to existing lease.

 

[drron]

You are correct. The Stamford Plaza is a seperate hotel and closed.

I haven‘t checked, by the IC property is probably being sold subject to existing lease.

Except it was the Sir Stamford. here is a 2014 report of the sale then.

InterContinental Hotels Group has signed an agreement to manage the former Sir Stamford and Ritz-Carlton hotel in Sydney’s Double Bay.

The hotel, which has been closed for almost four years, will be known as the InterContinental Sydney Double Bay when it opens in January 2014.

IHG to re-open former Ritz-Carlton Double Bay - Spice News

InterContinental Hotels Group has signed an agreement to manage the former Sir Stamford and Ritz-Carlton hotel in Sydney's Double Bay.

www.spicenews.com.au

 

[SYD]

There is a second (closed) hotel down there which I believe was also a Stamford. They’ve had more facelifts than the locals so keeping track is hard…

Sprawling Double Bay luxury hotel the InterContinental up for grabs again

The iconic hotel is Australia’s best mixed-use property opportunity in 2023, over 30 years since its inception in 1991 as the Ritz Carlton.

thepropertytribune.com.au

 

[Rick93]

But I have an AMB voucher weekend there in August !!