iProsperity buys AccorInvest portfolio of 23 hotels

The Ibis Melbourne Hotel and Apartments complex.

iProsperity Group (iPG) has acquired a portfolio of 23 hotels from AccorInvest for a price speculated to be less than $250 million.

The investments – 17 real estate assets and six lease interests – provide 3046 rooms across Sydney, Melbourne, Canberra, Brisbane, Perth and major regional cities (a full list of the portfolio is at the end of this article).

Seventeen of the assets are branded Ibis or Ibis Budget.

The largest offerings include a 200-key inn at Sydney Airport. A 156-key hotel at Sydney’s Olympic Park was also included.

Accor picked up 15 of the properties from the Abu Dhabi Investment Authority in late 2016 following another hotel portfolio sale worth $200 million.

Ibis Budget Enfield, in Sydney.

The Australian flagged AccorInvest’s negotiations with iPG in last November. In this item yesterday, the media outlet confirmed the deal, which was brokered by JLL Hotels & Hospitality Group’s Craig Collins and Peter Harper.

iPG, directed by Michael Gu out of Sydney, acts for wealthy Asian investors, including institutional clients.

Last September we reported the company acquired East Melbourne’s Pullman on the Park from Brookfield Asset Management for about $200 million.

Ibis Sydney Airport,

Built in 1974 and renovated in 2008, this 419-suite inn at 192 Wellington Parade, opposite Fitzroy Gardens and near the Melbourne Cricket Ground, spent most of its life branded Hilton on the Park.

Also 12 months ago, iPG offloaded a 122-room hotel at 27 Park Street, in the Sydney CBD, for $54 million – $8 million more than the price it paid in 2016.

In June, we reported that iPG disposed of the 200-room Novotel hotel and neighbouring Century Walk shopping centre, in Glen Waverley, about 19 kilometres south east of the Melbourne CBD.

Chaolong Developments paid $145 million for the properties which iPG acquired within a few months of each other nearly three years ago, for $118.7 million.

iPG’s purchase of the AccorInvest portfolio comes weeks after Tyche Capital Investments picked up Sydney’s leased Veriu Central Hotel for close to $60 million.

Elsewhere in Sydney, the Yeh Group is picking up the Seasons Harbour Plaza for about $70 million.

In May, we reported that Melbourne’s Salter Brothers was paying $150 million for the NEXT Hotel Brisbane, and a retail investment, next door.

Late last year, we reported that AXA Investment Managers paid $330 million for four hotels including Novotel Olympic Park, Pullman at Sydney Olympic Park and Ibis Sydney Olympic Park, all in New South Wales, and the Novotel Canberra, in the Australian Capital Territory.

The vendor of this portfolio was the Abu Dhabi Investment Authority.

Eleven months ago,  we reported that Singapore’s Hiap Hoe paid $100 million for The Aloft Perth hotel and an adjoining office in Rivervale, in Perth’s inner east.

The AccorInvest portfolio

In the ACT and New South Wales:

  • Ibis Budget Dubbo
  • Ibis Budget Campbelltown
  • Ibis Budget Casula Liverpool
  • Ibis Budget Wentworthville
  • Ibis Thornleigh
  • Ibis Budget Enfield
  • Ibis Budget Sydney Olympic Park
  • Ibis Sydney Airport
  • Ibis Budget St Peters
  • Ibis Newcastle
  • Ibis Budget Newcastle
  • Ibis Budget Coffs Harbour
  • Ibis Budget Canberra

In Victoria:

  • Ibis Budget Fawkner
  • Ibis Budget Dandenong
  • The Como, MGallery by Sofitel
  • Ibis Melbourne Hotel and Apartments

In Queensland:

  • Ibis Budget Brisbane Airport
  • Novotel Brisbane (pictured, top)
  • Ibis Brisbane
  • Mercure Brisbane

In Western Australia

  • Mercure Perth
  • Ibis Hotel Perth

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Marc Pallisco

Marc Pallisco

A freelance property writer and analyst, Marc is a co-founder of realestatesource.com.au.

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