Hotel where Michael Hutchence died sells for 300 percent profit
The Intercontinental Hotel Double Bay, the spot where Princess Diana stayed in 1996 and INXS frontman Michael Hutchence was found deceased in 1997 has been sold for $180m to an apartment developer.
Sources told the Wentworth Courier the deal was brokered by the Agency’s Steven Chen.
The buyer, Melbourne apartment developer Fridcorp, later released a statement confirming the purchase of the refurbished 140-room hotel, refurbished by Bates Smart, and land in a joint venture with Piety Group from vendor Shanghai Group, who had paid $140m four years ago.
The 3670-square-metre luxury hotel originally opened as a Ritz Carlton Hotel in 1991 and was the hotel of choice in the 90s for famous guests, including Princess Diana, Madonna, Bill Clinton, and Elton John.
The circa $180m price tag is triple the $60m that the site sold for only eight years ago.
It is understood the deal was done on Friday, May 7.
Several other prominent Sydney-based apartment developers are known to have been interested in the hotel and given its record price, sources say it “Absolutely must be a development site”.
In a statement sent to The Courier, Fridcorp confirmed the sale and noted that in 2011, Woollahra Council granted a permit to demolish the existing hotel and take advantage of the gorgeous harbour views by adding an eight-storey residential building and retail offering.
Prior to this, the hotel was rebranded as the Sir Stamford Double Bay in 2001 and operated until 2009, then underwent a complete facelift and became the Intercontinental Sydney Double Bay in 2014.