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

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.

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.”