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Intercontinental Hotel Double Bay sold by Chinese private equity group for almost $180m – Commercial Real Estate News
The luxury hotel was offloaded by Chinese private equity group Shanghai United, which bought it four years ago.
A Chinese private equity group has sold the Intercontinental Hotel Double Bay for almost $180 million to Melbourne-based developer Fridcorp, founded and headed by Paul Fridman.
Independent sources say there are suggestions Fridcorp paid $178 million to Shanghai United for the luxury five-star hotel in the heart of Double Bay village amid plans to re-style it as a Louis Vuitton-branded hotel.
The sale sets a record for Double Bays luxury hotel and commercial market. Sources say it was negotiated…
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