iProsperity purchases Pullman on the Park near MCG

The Pullman on the Park, a five star hotel near the Melbourne Cricket Ground, has been purchased by iProsperity.

The price is not disclosed, but the 419-room hotel located at 192 Wellington Parade has been on the market with $200 million plus hopes since February.

The deal will add to the $1.8 billion real estate portfolio controlled by iProsperity, which is led by Michael Gu.

The diversified wealth management outfit had been pinpointed as targeting Melbourne's Pullman on the Park in a deal topping $200 million in July by The Australian.

They focus on investing for "Asian elites."

The Australian Financial Review suggests iProsperity is rapidly coming one of the biggest hotel owners in Australia, particularly through its backing of the $1 billion SB&G Hotel Group.

They also own the Novotel Glen Waverley in Melbourne, the Century City Walk shopping mall in Glen Waverley and Sydney's 122-room Park Regis Hotel which is on the market with $55 million hopes.

Mr Gu said that he remains on the lookout for strategic assets as we continue on a growth trajectory towards $10 billion of assets under management by 2020.

The former Hilton on the Park has been managed by AccorHotels under its Pullman brand since 2015 - prior to that it was the Hilton on the Park - with a $12.5 million upgrade to its lobby and bar recently completed.

The hotel, which was offered with the possibility of vacant possession, includes conference facilities, a 1000-person ballroom and parking for 215 cars.

It was marketed by JLL's Peter Harper and Craig Collins alongside McVay Real Estate's Dan and Sam McVay.

Mr Harper said, "it's the fourth major deal we've negotiated in short succession all to international groups."