iProsperity (iPG) – a leading advisor for high net worth investors – has today announced the key acquisition of the Geo Hotel in Kuala Lumpur, Malaysia, in conjunction with ICP.

Under the $A25.7 million deal, iPG has purchased a significant 20% stake in the Geo Hotel asset in popular Hang Kasturi Road. The property sits on 1,082 square metres of freehold land, and comprises 10-storeys, 180 hotel rooms, 371 square metres of retail space and a basement carpark.

iPG plans to convert the existing hotel into a Travelodge branded hotel as it continues to partner with Travelodge and support its expansion across Asia.

“The Geo hotel deal represents iProsperity’s first acquisition in the Asian hotel market for our new Asian hotel fund and marks an important first step in our strategic plan to expand into the burgeoning Asian market.”

iPG’s Sales Director, Chong Ren, said: “The Geo hotel deal represents iProsperity’s first acquisition in the Asian hotel market for our new Asian hotel fund and marks an important first step in our strategic plan to expand into the burgeoning Asian market.”

Ranked in the top 10 hotel owners in Australia, iPG was awarded the coveted ‘Hotel Deal of the Year’ title following the $73.6 million acquisition of the Novotel Glen Waverley, a 200-room hotel in the Melbourne suburb of Glen Waverley, in December 2016.