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HVS Asia Pacific Hospitality Newsletter - Week Ending 14 May 2021
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Fridcorp and Piety Group (“Fridcorp and Piety”) announced its
AUD180 million acquisition of the
Intercontinental Hotel Double Bay from China-based private equity firm,
Shanghai United Real Estate Investment (“Shanghai United”). The
140-key hotel has a total gross building area of
19,545 square metres and occupies a
3,670-square-metre lot in the Eastern Suburbs of Sydney,
4-kilometres east of the CBD. The hotel features extensive conference facilities, a rooftop pool and bar,
six retail tenancies, a spa, a gym, a restaurant and bar, and a
156-lot underground public car park. Fridcorp and Piety mentioned that they have several plans in place to restore the property to its former prestige. It was reported back on