JLL Markets Sydney Five-Star Trophy Hotel
- Feb 17, 2017
Sydney—InterContinental Sydney Double Bay has been brought to market by JLL Hotels & Hospitality Group. The 140-key property is expected to sell for more than $150 million. This transaction is viewed as one of the last few opportunities to acquire a Sydney five-star trophy hotel in the near future.
Amenities include conference facilities, restaurant and bar, and a rooftop pool and bar overlooking Sydney Harbour. The nearly 40,000-square-foot (3,670-square-meter) property also features six prime street level retail tenancies and a 156-space underground public carpark.
“The InterContinental Sydney Double Bay is truly one of Sydney’s most iconic hotel properties and there remains an incredibly strong desire for Sydney five-star hotel assets amongst international investors,” said Craig Collins, JLL’s Australasia CEO & exclusive agent for the transaction, in prepared remarks.
The city’s last five-star hotel offered to the market was Westin Sydney in 2015. Most of the trophy stock in Sydney is held by generational investors following several high profile deals in the past few years.
Projects such as the Sydney International Convention Centre and the Barangaroo redevelopment drive Sydney’s trading market growth.
The hotel is for sale by expressions of interest closing Monday, 27 March, 2017.
Image courtesy of JLL