Chinese Investment Group Buys 23 Accor Aussie Hotels for A$300M
iProsperity that manages funds for high net worth individuals, with a large Chinese clientele, has paid A$300 million for a set of hotels that include properties from Ibis, Mercure, and Novotel according to Australian media.
The deal represents over 3000 rooms spread across Australia’s major cities including Brisbane, Melbourne, Sydney, and Perth.
The iProsperity Group helps wealthy Chinese investors obtain Australian residency through the Significant Investor Visa program. The group has been very active in Australia’s hotel market when in July when it offloaded the 200-key Novotel Melbourne and Century City Walk shopping area in a A$150 million deal.