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Iconic hotel acquired by Chinese developer
Singapore, 26 May 2017 – Royal Hotels Australia Pty Ltd, part of Singapore's Royal Group, has entered into an agreement to sell one of its prized assets, the iconic, luxury InterContinental Sydney Double Bay, to Zobon Real Estate Group Co.,Ltd and Shanghai United Real Estate Inc.
As China's first Real Estate consortium that focuses on global property developments, Shanghai United Real Estate was jointly established by 10 Chinese reputable and well-known property firms, which include Zobon Real Estate Group.
The sales process that commenced in February 2017 was led by Mr Craig Collins, JLL Hotels and Hospitality Group, and Mr Richard Abbott, Holman Fenwick Willan.
Mr Collins said that there is an absolute shortage of quality hotels available for sale in Sydney and when one does get offered for sale, it creates great excitement among investors.
"The InterContinental Sydney Double Bay sale is the first luxury hotel to be sold in Sydney since the sale of the Westin Sydney in 2015. The Sydney hotel market is hot and in my 22 years of selling hotels I have never seen it this strong."
Mr Collins added: "The InterContinental Sydney Double Bay is a credit to Mr Asok Kumar, founder of the Royal Group of Companies, who together with two partners acquired a non-operational hotel, completely refurbishing it and repositioning the asset, creating something special. It is a first class asset in one of Sydney's most prestigious harbourside enclaves. It is beautiful real estate."
Mr 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. Whilst we understand that the price of circa AUD$140 million is a record for non-CBD hotels in Australia we will miss working with all the local stakeholders in the ongoing rejuvenation of Double Bay. We are pleased with the sale and congratulated the purchasers on their acquisition of a beautiful and unique property."
In less than two years, Shanghai United Real Estate has invested and gained direct control of five property projects in Sydney. Among these, the UDS Castle project is the jewel in the crown and includes a luxurious hotel, the international MGallery by Sofitel, and 36 levels of high-end apartments.
InterContinental Hotels Group (IHG®) continues to manage the InterContinental Sydney Double Bay and the hotel remains open for business as usual.
About the InterContinental Sydney Double Bay
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.
Over the years the hotel hosted world leaders, celebrities and royal families. Apart from 140 rooms and suites, including an impressive Royal Suite which spans 167sqm, the hotel also offers extensive conferencing facilities, restaurant and bar, a spectacular rooftop pool and bar, six retail tenancies, a circa 156 space underground public car park, a spa and 24 hour gym.
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JLL (NYSE: JLL) is a leading professional services firm that specializes in real estate and investment management. A Fortune 500 company, JLL helps real estate owners, occupiers and investors achieve their business ambitions. In 2016, JLL had revenue of $6.8 billion and fee revenue of $5.8 billion and, on behalf of clients, managed 4.4 billion square feet, or 409 million square meters, and completed sales acquisitions and finance transactions of approximately $136 billion. At the end of the first quarter of 2017, JLL had nearly 300 corporate offices, operations in over 80 countries and a global workforce of more than 78,000. As of March 31, 2017, LaSalle Investment Management had $58.0 billion of real estate under asset management. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit www.jll.com.
JLL has over 50 years of experience in Asia Pacific, with 36,800 employees operating in 95 offices in 16 countries across the region. The firm won the 'World's Best' and 'Best in Asia Pacific' International Property Consultancy at the International Property Awards in 2016 and was named number one real estate investment advisory firm in Asia Pacific for the sixth consecutive year by Real Capital Analytics. www.ap.jll.com.
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