Sydney's iProsperity Group acquires Melbourne's Pullman Park Hotel

Canada-based Brookfield aims to sell the 419-room Pullman Melbourne on the Park Hotel for approximately $200 million.
A guestroom at Pullman Melbourne on the Park, Australia. Photo Credit: AccorHotels Group.

Sydney-based iProsperity Group has acquired the Pullman Park Hotel opposite the Melbourne Cricket Ground, seven months after it was put on the market by Brookfield. 

Formerly known as the Hilton on the Park, the property officially changed its flag on Jan. 1, 2015, when it was owned by AccorHotels. At the time, it was the second Pullman in the city.

The hotel has 419 guestrooms and suites, a 1,000-person ballroom, a new bar and restaurant, conference facilities and parking spaces for 215 cars.

Virtual Event

Hotel Optimization Part 3 | January 27, 2021

With 2020 behind us and widespread vaccine distribution on the horizon, the second half of the new year is looking up, but for Q1 (and most likely well into Q2) we’re very much still in the thick of what has undeniably been the lowest point of the pandemic. What can you be doing now to power through and set yourself up for a prosperous 2021 and beyond? Join us at Part 3 of Hotel Optimization – A Virtual Event on January 27 from 10am – 1:05pm ET for expert panels focused on getting you back to profitability.

The hotel was marketed for sale earlier this year by JLL Hotels & Hospitality Groups’ Peter Harper and Craig Collins with McVay Real Estate’s Sam McVay and Dan McVay through a so-called expressions of interest campaign. 

While the purchase price was not made public, expectations tagged it at upwards of $200 million.

“The Pullman Park Hotel Melbourne purchase is another key acquisition for iPG and builds on our existing portfolio of high-end high-earning hotels across Australia,” said iPG Group CEO Michael Gu in a statement. “As iPG matures, we remain on the lookout for strategic assets as we continue on a growth trajectory toward $10 billion of assets under management by 2020.”