iProsperity (iPG) today has announced the purchase of the Australian Watermark hotel assets, located in Brisbane and Gold Coast for $82 million.

The Watermark Hotel & Spa, Gold Coast is located in the heart of Surfers Paradise and adjacent to SkyPoint Observation Deck. The 388-room, 4.5-star hotel has proved a strong performer since it opened in 1996.

The 94-room Watermark Hotel, Brisbane is centrally located at the Roma Street parkland, just minutes from the CBD.

iPG Group CEO, Michael Gu, said the sale marks iPG’s first step into the thriving Queensland hotel market.

“As this is our first Queensland acquisition, the Watermark hotels diversifies our assets, and provides choice to our investors”.

“It supports our current portfolio initiative for further growth, and builds on our existing strength in the Sydney and Melbourne hotel markets.”

Both hotels will be rebadged under the International Hotels Group (IHG) banner and refitted in the near future.

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.