There was an article yesterday on Sydney Morning Herald (access it here) about the transformation of former Double Bay Ritz-Carlton hotel to an InterContinental by January, 2014.
This hotel was frequented by celebs, when it was Ritz-Carlton. It was rebranded as Stamford hotel in 2001 and then closed in 2009.
The hotel that is going through $20 million renovation is expected to have 140 rooms. (The red dot in the map only illustrates the center of Double Bay area and not the location of InterContinental Hotel.)
It is great to have second InterContinental in Sydney, although this is bit far away from the most touristic areas of the city.