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Singapore Royal Group sells Sydney hotel for about A$140m
ROYAL Hotels Australia Pty, part of Singapore's Royal Group, has agreed to sell InterContinental Sydney Double Bay to Zobon Real Estate Group and Shanghai United Real Estate Inc for about A$140 million.
The price tag is believed to be a record for non-central business district (CBD) hotels in Australia.
Singapore's Royal Group is understood to have paid about A$60 million for the vacant property in 2013.
Peter Wilding, managing director for the Royal Group said, "The sale of this asset followed our strategy of recycling capital following the initial stabilisation period.''
The luxury hotel sprawling over 3,670sqm in the harbourside precinct of Double Bay, originally opened as a Ritz Carlton Hotel in 1991 and was subsequently rebranded as the Sir Stamford Double Bay in 2001. After its closure in 2009, the hotel was extensively refurbished and renovated and reopened in November 2014 as the InterContinental Sydney Double Bay.
InterContinental Hotels Group continues to manage the InterContinental Sydney Double Bay and the hotel remains open for business as usual.
The sales process that commenced in February 2017 was led by Craig Collins, JLL Hotels and Hospitality Group, and Richard Abbott, Holman Fenwick Willan.