EVT Expands Its Portfolio with Pro-Invest Hotels Acquisition
EVT Limited's acquisition of Pro-invest Group's hotel management arm marks a significant expansion in the hospitality sector, including management agreements for 15 hotels across Australia and New Zealand.
EVT Expands Its Portfolio with Pro-Invest Hotels Acquisition
The transaction includes long-term hotel management agreements for 15 hotels across Australia and New Zealand.
EVT Limited’s third-party management firm EVT Connect Hospitality has announced its acquisition of the Pro-invest Group’s hotel management company, signing agreements for management of 15 hotels totaling approximately 3,200 rooms across Australia and New Zealand under various third-party brands.
Pro-invest Group will maintain its asset management duties for the hotels owned by its investment funds.
Shared Goals
Pro-invest Group has established a track record for developing and operating real estate assets, managing a portfolio of 30 hotels in the region. According to Ronald Barrott, their goal is to provide high-quality, resilient assets that cater to the evolving needs of both travelers and investors. “This deal with EVT is the right step to benefit both our investors and our people while furthering EVT’s growth trajectory,” he stated.
EVT Chief Executive Jane Hastings remarked that the acquisition of Pro-Invest Hospitality will help grow their hotel earnings and enhance their ability to deliver value to asset owners seeking to franchise a third-party brand.
CBRE’s Steve Carroll noted that this deal could significantly improve hotel operations in the Asia Pacific, with EVT Connect Hospitality set to contribute valuable expertise.
The hotels will continue to operate under their existing brands, and it will be business as usual for guests and partners. This acquisition is pending informal clearance from the Australian Competition and Consumer Commission along with fulfilling certain regulatory conditions.
