Sydney’s InterContinental Hotel Double Bay, scene of tragic death of INXS’ Michael Hutchence, for sale again
The hotel at 33 Cross St has $240m price expectations.
The luxury Sydney hotel which was the scene of Michael Hutchence’s tragic death and has played host to a series of global megastars is up for sale, again.
The freshly revamped InterContinental Hotel in the Eastern Suburbs has been offered for commercial sale just one year after being acquired for $178m.
The Double Bay InterContinental Hotel up for sale again.
Originally constructed in 1991 and launched as The Ritz-Carlton, the Double Bay hotel was acquired by both Sydney developer Piety Group and Melbourne property developer Paul Fridman in December 2021 from Chinese Group Shanghai United.
In its heyday, the hotel attracted Princess Diana, Madonna, Bill Clinton and David Bowie and was the scene of INXS frontman Hutchence’s untimely death in 1997, when he was one of the world’s most recognised rock stars as the band sold out stadiums across the globe and sold more than 80 million records.
Princess Diana visited the hotel, then called the Ritz Carlton, in 1996.
Former US President Bill Clinton visited the hotel in 2001.
The InterContinental Double Bay was once considered arguably Sydney’s premier hotel and now offers prospective buyers the potential of securing a prized asset in a blue chip location, which has enjoyed a stunning revitalisation in recent years.
Double Bay lost much of its sheen in the early 2000s, when nearby Westfield Bondi Junction was extensively renovated and reopened to much fanfare. However Double Bay’s seaside location, village feel, renewed amenities, proximity to the CBD and refreshed lifestyle offerings means it has again become very sought-after for both residential and commercial property buyers.
Michael Hutchence from INXS died at the hotel in 1997.
Over the last year, the InterContinental has been upgraded to include a total bar transformation and restaurant upgrade – both of which were done to reclaim the property’s former glory.
The sale is being managed via an Expressions of Interest campaign by CBRE and Colliers, giving commercial buyers the chance to secure the prominent hotel with development potential.
Situated at 33 Cross St, the 140-room property had been managed by IHG Hotels and Resorts for the past eight years.
The Double Bay InterContinental Hotel was last acquired for $178m.
Colliers national residential director Guillame Volz said the hotel benefited from the large 3,674 sqm site area and that the decision to sell the commercial asset at this time was a good choice.
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Sprawled over a 3,674 sqm site, the 140-room property had been previously managed by IHG Hotels and Resorts.
“In the median term, and subject to council consent, the property provides the opportunity to be redeveloped into a premium mixed-use project comprising a hotel, residential apartments and retail,” he said.
“We anticipate very strong interest from a wide range of local and international developers and hotel owners.”
CBRE’s chairman for residential projects Justin Brown said that Double Bay was considered a premier luxury village locale.
The property can be further redeveloped into a hotel, residential apartments and retail.
“It is perpetually under-supplied for luxury residential stock. This opportunity is not only Double Bay’s but arguably Australia’s best mixed use opportunity coming in 2023,” he said.
CBRE hotels managing director Michael Simpson said interest in the campaign would be underpinned by the continued rebound in international tourism and the rising global popularity of hotel-branded residences.
The hotel’s popularity has been boosted by a rebound in international tourism and hotel-branded residences.
“Sydney is emerging as a favoured Asia Pacific destination for luxury hotels with branded residences, offering apartments for sale within a hotel-led development,” he said.
“Prominent examples include the Crown Residences at One Barangaroo, 1 Hotel in Melbourne and Mondrian Gold Coast Hotel and Private Residences in Burleigh Heads, with residents afforded the same five-star services and amenity as hotel guests.”
Michael Hutchence with Kylie Minogue in an undated picture.
Guests watch mourning fans place flowers on a makeshift shrine to late INXS singer Michael Hutchence at the Ritz Carlton hotel in Double Bay, Sydney, 23/11/1997, following his death there. Picture: Warren Clarke
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