The InterContinental Sydney Double Bay is in the final stages of settlement of a $215-million asset-flipping deal. 

Investor Mervyn Basserabie and property developers Allen Linz of Rebel Property and Eduard Litver of Capit.el Group have picked up the hotel in one of Sydney’s most exclusive suburbs.

The 140-key, 5-star hotel was refurbished in 2014, however perhaps even more enticing is its 3674sq m freehold footprint at 33 Cross Street, 4km east of the Sydney CBD, making it ripe for mixed-use development.