IProsperity to increase portfolio value by 2020

Novotel Melbourne Glen Waverley, Australia

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. 

Virtual Event

HOTEL OPTIMIZATION PART 2 | Now Available On-Demand

Survival in these times is highly dependent on a hotel's ability to quickly adapt and pivot their business to meet the current needs of travelers and the surrounding community. Join us for Optimization Part 2 – a FREE virtual event – as we bring together top players in the industry to discuss alternative uses when occupancy is down, ways to boost F&B revenue, how to help your staff adjust to new challenges and more, in a series of panels focused on how you can regain profitability during this crisis.

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.

Suggested Articles

The partnership aims to help restaurants streamline online orders from apps like GrubHub, UberEats, DoorDash, Chownow, Caviar, Postmates and others.

Two conferences traditionally held in the first half of each year are rescheduling for the second half.

In October, visitor arrivals were down 90.4 percent compared to 2019 and hotel occupancy was below 20 percent.