IProsperity Group continues to expand their Australia-based property portfolio with the recent purchase of Novotel Hotel at Glen Waverly, VIC.

IProsperity Group has recently paid the unusual but perhaps lucky amount of $73,666,666.66 for the Novotel Hotel at Glen Waverly in Victoria. It follows the group’s September purchase of 333 Kent Street, Sydney at the also lucky amount of $88,888,888. IProsperity Group, founded in 2005, is a composite investment group licensed to operate in the financial sector in Australia. It specialises in providing a comprehensive advisory service in private investment for clients from Asia. 

The sale was arranged by Neil Scanlan, Guy Wells and Gus Moors of Colliers International Melbourne. It was offered by an expressions of interest campaign in October and marketed as ‘the largest metropolitan hotel east of the Melbourne CBD’. The vendor was GW Hotel Investments, a syndicate that includes Sydney financier, Phil Green and property developer, Greg Shand. 

The 4-star Glen Waverly Novotel comprises 200 rooms, the Butchers Bench Restaurant, meeting rooms, a heated indoor pool, gymnasium and parking for 100 cars. Currently leased to and managed by Accor, the present arrangement expires in mid-2018, allowing the new owner the option of continuing with a hotel operator or installing their own hotel brand.