Pro-invest Group raises $211m for hotel rollout in Australia and New Zealand
Pro-invest Group has closed its second Australian Hospitality Opportunity Fund with A300 million ($211 million) in capital commitments.
Funding came from a diverse group of institutional investors. It was partially backed by an equity investment from the Clean Energy Finance Corp., which invests on behalf of the Australian Government.
Fund I, Pro-invest’s debut Australia and New Zealand-focused private equity real estate fund, focused on the strategic roll-out of a portfolio of Holiday Inn Express hotels across Australia and New Zealand. Out of the eight properties spanning more than 2,000 rooms, six have achieved practical completion, with the other two hotels to open in the next 12 months.
Like its predecessor, Fund II will also focus on the expansion of the Holiday Inn Express footprint in Australia and New Zealand, and will also tap into the upper midscale segment with a new lifestyle brand by IHG. Fund II has already secured four strategic sites, which wi