EVT has acquired Pro-invest Group’s hotel management company, with 15 properties to be managed by an all-new ‘EVT Connect Hospitality’ division that will launch in to the rapidly-growing third-party management sector.
The transaction includes long-term Hotel Management Agreements for 15 hotels across Australia and New Zealand, comprising approximately 3,200 rooms, operated under third party brands.
Properties to be run by EVT Connect Hospitality are under IHG Hotels and Resorts’ Holiday Inn Express, Hotel Indigo, Kimpton, and Voco brands and Accor’s The Sebel brand and are located across Australia and New Zealand.
Pro-invest Group will retain asset management responsibilities for the 15 hotels owned by the three hotel investment funds via its fund management platform.
According to Pro-invest Group and EVT, the hotels will continue to operate under their existing brands and “for guests and partners, it will be business as usual”, the companies said in a statement.
Pro-invest Group Chairman and Founder, Ronald Barrott, Pro-invest will retain its operating capacity and will continue to manage its VISTA hotels portfolio, while expanding its focus in commercial office, Flex living and other operational real estate investment opportunities, including BTR.
He said it’s fully integrated platform will continue to offer a suite of services across investment, development, asset management, and operations.
Barrott said since its inception, Pro-invest Group has demonstrated its ability to develop, open, and operate real estate assets, having grown to a network of 30 hotels across Australia and New Zealand.
“Our goal has always been to deliver high-quality, resilient assets that meet the evolving needs of modern travellers and investors alike,” he said.
“We will continue to focus on hotel asset management while expanding in the rapidly growing sectors of flex living, BTR, and mixed-use developments.
“This deal with EVT is the right deal to benefit both our investors and our people and will further enhance EVT’s growth trajectory”.
EVT Chief Executive Officer, Jane Hastings, said the “launch of EVT Connect Hospitality, seeded by the acquisition of PIH, represents a further initiative to grow hotel earnings”.
“EVT Connect Hospitality will further enhance EVT’s ability to deliver value for asset owners who seek to franchise a third-party brand, supported by the expertise of the PIH team and now boosted by the ability to leverage our extensive EVT Group expertise.
“We look forward to welcoming the PIH team to our Group,” she said.
Completion of the transaction will be subject to informal clearance from the Australian Competition and Consumer Commission and certain procedural conditions precedent.