iProsperity (iPG) today has announced the upcoming sale campaign for its Park Regis Hotel asset in Sydney’s city centre, with Expressions of Interest on this exciting hotel market property closing March 13.
The 122-room Hotel stratum comprises 10 levels of the 45 level mixed-use tower. Located in a central CBD position at the corner of Park and Castlereagh streets, the hotel boasts its own separate entrance on Park Street, along with an outdoor rooftop swimming pool and 39 car spaces.
The property at 27 Park Street is just one prime example of the first-class investment opportunities iPG has delivered to its clients, both locally and globally.
“The timing is right for iPG to look to sell this asset, under the strategic acquisition plan, as the business matures and we continue on our growth trajectory towards $10B AUM by 2020.”
iPG Group CEO, Michael Gu, said Sydney’s hotel market remains the red-hot stand-out performer in the Asia Pacific region.
“The Park Regis at Park Street attracted aggressive local and offshore capital interest when iPG purchased it back in 2016. It’s not surprising, given the immediate opportunity to capitalise on the strength of Sydney’s hotel market.”
“The timing is right for iPG to look to sell this asset, under the strategic acquisition plan, as the business matures and we continue on our growth trajectory towards $10B AUM by 2020,” he said.
The hotel is being offered for sale with the benefit of a Management Agreement with Staywell Holdings, a subsidiary of the Japan-based Prince Seibu group, which provides an annual underwrite of the trading performance until the end of 2021.