The buzz around iPG in the Australian press is building fast, with news reports about iPG’s growing property portfolio reaching an audience of more than 12 million readers this week alone – that’s half of the population of Australia!
The articles report iPG has rapidly earned a name as “one of the country’s top hotel owners” by building up a hospitality portfolio worth about $1.9 billion, including its stake in the $1bn SB&G Hotel Group that owns properties in Canberra, Sydney and Melbourne.
It also ranks iPG among the top-10 hotel owners in Australia, controlling a portfolio including the Novotel Glen Waverley in Melbourne and other hotels in prime locations across major cities under the InterContinental, Crowne Plaza and Park Regis brands.
The pre-eminent Business publication, The Australian Financial Review lists iPG as a potential investor in AccorInvest’s $300 million sale – named one of the biggest deals of the year in the hotel sector – with the sale of 24 assets and six lease holdings that could garner more than $300 million.
And, in a separate report, the newspaper wrote about Brothers Paul and Rob Salter and iPG’s Michael Gu unveiling plans for a $50 million Holiday Inn Express hotel in Australia’s national capital, Canberra, as part of their fast-expanding Melbourne-based funds management and development platform SB&G Hotel Group.
The 250-room hotel will be built on the same site as the existing SB&G-owned Crowne Plaza Hotel in Glebe Park across the river from Parliament and is due to open in 2021.
The Sydney Morning Herald, Australia’s oldest newspaper, also featured iPG in an article about the AccorInvest sale. It listed likely buyers to include the “high net worth investors iPG”, a business which has been active in the Australian hotel market.
The article goes on to feature a recent report by iPG Chief Executive Michael Gu stating that Sydney remains the most ”significant location for investors and developers with many buyers seeking forward purchase agreements”.
The iPG report found Melbourne recorded the highest number of transactions during the quarter. Michael Gu is quoted: “An emerging trend in Sydney and Melbourne is developments converting from residential to hotels as the housing market cools. This should help the hotel market meet burgeoning demand for accommodation.”
It’s evident that iPG is an active player in the Australian hotel market and continues to deliver on its promise of connecting investors with high quality assets and bespoke wealth products.