iProsperity Group (iPG) today has announced the exchange of the five-star Pullman Park Hotel located on Wellington Parade in East Melbourne.

Formerly known as the Hilton on the Park, the Pullman Park Hotel comprises 419 rooms and suites, a 1000-person ballroom, a brand-new bar and restaurant, extensive conference facilities and parking for 215 cars.

Perfectly positioned inside Melbourne’s sports and entertainment precinct, the 20-level building stands opposite the Melbourne Cricket Ground and within easy walking distance to Rod Laver Arena.

iPG Group CEO, Michael Gu, said “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.”

“As iPG matures, we remain on the lookout for strategic assets as we continue on a growth trajectory towards $10 billion of assets under management by 2020.”

Ranked among the Top 10 Australian hotel owners, iPG recently won the ‘Hotel Deal of The Year’ award for its acquisition of the Novotel Glen Waverley at the 2017 HotelsWorld Awards.