Is one of Sydney’s InterCons up for sale?

Is one of Sydney’s InterCons up for sale?
By Hannah Edensor


Fresh reports are claiming the InterContinental Hotel in Double Bay is about to get snatched up by a Chinese multinational.

According to The Australian, the hotel, infamous for being the place where INXS rockstar Michael Hutchence was found dead in 1997, could be sold for as much as $140 million, to Chinese private equity group, Shanghai United.

Per the Oz, the group is currently looking to spend big with hotel deals in Sydney, as well as an apartment deal with Crown Group, and in the past had made loud mentions of the massive amounts of money it has to plough into Sydney’s real estate scene.

But Shanghai United could have some competition, per the Oz, who claim a number of parties have got their eye on the IHG property.

The IHG Double Bay is a 140-room hotel, previously operating under Stamford Plaza and Ritz Carlton brands, before scoring a rebrand from Singapore’s Royal Brothers when they purchased the property in 2013.

Per the Oz, they invested $100 million into the five-star property, but since reopening in 2014 still haven’t been able to match the occupancy and room rates of its inner-city counterparts.

Shanghai United appears to want to build big down under, after announcing a partnership with AccorHotels Pacific for a new luxury boutique hotel in Sydney’s CBD, under the MGallery by Sofitel brand, writes the Oz.

The Chinese group last year bought a block in the heart of Sydney, on the corner of Bathurst and Castlereagh, and is looking at a project stretching 36 levels up, according to the publication.

 

 

Latest News

  • Tourism

Global tourism roars back to life with APAC leading the way

The global tourism industry is roaring back to life as international arrivals are up 16 per cent compared to 2023, a resurgence is largely fuelled by the Asia Pacific region particularly Australia, ForwardKeys reported at the World Travel & Tourism Council Global Summit in Perth. While the region still lags pre-pandemic levels, the current pace […]

  • Aviation
  • Tourism

Travel in Oceania could add $166 billion to the regional economy and 1.1m jobs

A new report by the World Travel & Tourism Council reveals that Oceania’s travel and tourism sector could inject an additional US$112BN (AU$166.4) to the region’s economy by 2034, bringing the total contribution to a record-breaking US$336BN. According to the report, in collaboration with VFS Global and launched today at WTTC’s 24th Global Summit in […]

  • Conferences
  • First Nations
  • Tourism

WA leverages Indigenous heritage as a key topic at WTTC Global Summit in Perth

Western Australia has leveraged its Indigenous heritage to be one of the key topics of the annual World Travel & Tourism Council Global Summit being held in Perth (Boorloo). “Indigenous tourism has immense potential, empowering communities to be in control of their own stories and their own economic futures now that is regenerative tourism tomorrow,” […]

  • Aviation

Delta Air Lines opens the premium Delta One Lounge at LAX

Delta Air Lines has opened the Delta One Lounge at LAX, following the opening of the one at JFK in June 2024, bringing the premium lounge experience to the West Coast. The second Delta One Lounge, adjacent to the Delta Sky Club at terminal three and seats nearly 200 guests, is directly connected to the […]