Sydney-based investment company IProsperity has acquired a pipeline of hotels and commercial properties in a bid to increase its portfolio’s value to $10 billion by 2020. Through next April, the company will be eyeing individual hotels and entire hotel portfolios in most major Australian cities for acquisition opportunities.
IProsperity’s current hotel portfolio includes the Novotel Glen Waverley in Melbourne and seven other hotels run by international management groups, including IHG, Park Regis and Crowne Plaza, in Australia. In the commercial sector, the group bought Century City Walk Melbourne and Sydney’s 333 Kent Street for approximately $88.9 million with China Bridge Capital in 2016.
Ahead of these new acquisitions, the investor recently made several new appointments to its firm, including Brian Ho, former BT Investment Management staffer, who is now head of product at Prosperity. Two Colliers International heads were appointed for IProsperity roles, also. Raymond Tran, former Colliers International manager of transactions services, is the current IProsperity hotel director. Meanwhile, Emily Fan, Colliers International’s former manager of Asia markets, has taken on the associate director position at IProsperity.
As IProsperity has been snatching up new hotels, revenue in Sydney hotel guestrooms has been climbing to levels it saw during the 2000 Sydney Olympics. Sydney hotels also saw rises in ADR as it increased nearly 5 percent to $215.72 in September. In that same period, RevPAR at Sydney’s hotels grew by over 3 percent to $182.29.
IProsperity, which was founded in 2005, invests on behalf of high net worth Asian individuals working in real estate, funds management, asset management, private equity and venture capital.