iProsperity Group has welcomed the announcement that its acquisition of the Novotel Glen Waverley has been shortlisted for the 2017 HotelsWorld Hotel Deal of the Year Awards. Purchased for $73.6 million in December 2016, the Novotel Glen Waverley is a 200-room hotel in the Melbourne suburb of Glen Waverley and is the only internationally-branded upscale hotel east of the Melbourne CBD and St Kilda.
In an announcement made by the award organisers on 6th June, iProsperity was shortlisted alongside two other finalists in the ‘$50 million to $100 million’ deal category.
“Our acquisition of the Novotel Glen Waverley was a landmark deal of 2016. We are delighted that its value and potential has been recognised not only within the property management sector but also by our partners in the hotel space; a key area of focus for iProsperity’s growing portfolio.”
Choosing from a long list of over 50 transactions completed over the past 12 months, finalists were selected by a panel comprised of leading professionals in the hotel industry and judged primarily on the value gained by the purchaser.
The Novotel Glen Waverley was acquired by iProsperity from private syndicate GW Hotel Investments led by Phil Green and Greg Shand following 20 years of ownership. The hotel, a contemporary 4-star hotel currently managed by Accor group, is located in one of Australia’s most attractive residential markets and is adjacent to the 8,352 sqm Century City Walk entertainment and lifestyle shopping mall.
iProsperity acquired Century City Walk for $45 million in May and is exploring the potential for joint commercial–residential development.
“Our acquisition of the Novotel Glen Waverley was a landmark deal of 2016. We are delighted that its value and potential has been recognised not only within the property management sector but also by our partners in the hotel space; a key area of focus for iProsperity’s growing portfolio. The value placed by the panel on value-adding, sustainable and considered development is a clear reflection of our own approach, to the benefit of our asset partners and investors alike,” said Gary Sue Fong, Director of Marketing for iProsperity Group.
The winners will be announced on 27th July at the Hotels Investment World conference at the Sofitel Sydney Wentworth; the leading industry conference expected to attract more than 500 industry CEOs and senior executives, ranging from hotel owners, investors and operators, to lenders and professional advisers.