EVT Expands Its Reach by Acquiring Pro-Invest Hotels

Long-Term Management Agreements for 15 Hotels in Australia and New Zealand

EVT Limited has made headlines with its acquisition of Pro-Invest Group’s hotel management arm, EVT Connect Hospitality. This acquisition brings with it long-term hotel management agreements for a total of 15 properties scattered across Australia and New Zealand, accounting for an impressive 3,200 rooms operated under various third-party brands.

The Role of Pro-invest Group

Even with the acquisition, Pro-invest Group is set to retain responsibility for managing the assets tied to the three hotel investment funds through its established fund management platform. This partnership leverages the strengths of both groups while maintaining operational continuity.

Shared Vision for Growth

Pro-invest Group has demonstrated a robust capability to develop, open, and manage real estate assets, having successfully expanded its footprint to a network of 30 hotels throughout both Australia and New Zealand. As founder and chairman Ronald Barrott noted, the focus remains on creating high-quality assets that serve the needs of modern-day travelers while catering to investor interests. The move towards hotel management will parallel their expansion into sectors like flex living, build-to-rent (BTR), and mixed-use developments. According to Barrott, this deal with EVT is poised to benefit both their investors and personnel, while propelling EVT’s growth trajectory forward.

Meanwhile, Jane Hastings, EVT’s chief executive, expressed enthusiasm for the new launch of EVT Connect Hospitality, which will not only boost hotel earnings but will also optimize value for asset owners looking to franchise third-party brands. Hastings highlights how the existing expertise of the Pro-invest team, paired with EVT’s extensive operational capabilities, will create a powerful partnership. The excitement surrounding this merger is palpable within the industry.

Industry Insights

As remarked by Steve Carroll, head of hotels and hospitality at CBRE, this acquisition stands as a significant development for the hotel operating landscape across the Asia Pacific region. The introduction of EVT Connect Hospitality is anticipated to substantially elevate hotel performance, drawing on proven operational models that have excelled in North America and Europe. Carroll congratulated both parties for this transformational partnership that is expected to reshape the hotel management framework moving forward.

Future of Pro-invest Group’s Hotels

Looking ahead, Pro-invest Group’s hotels are set to continue operating under their well-established brands. For guests and partners alike, it’s anticipated that operations will remain business as usual. The completion of this transaction hinges on informal clearance from the Australian Competition and Consumer Commission, alongside certain procedural conditions that are yet to be addressed.

In the meantime, Pro-invest will focus on managing its VISTA hotels portfolio while broadening its investments in commercial office spaces, flex living, and other operational real estate opportunities, including BTR. The integrated platform promises to offer comprehensive services spanning investment, development, asset management, and operations.

Summary of Developments

In summary, EVT’s acquisition of Pro-Invest Hotels creates a ripple effect within the hospitality industry, enhancing the management capabilities and operational efficiency of numerous hotels across two countries. This deal positions both companies at the forefront of industry trends, particularly in responding to modern traveler needs.

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This exciting acquisition highlights the dynamism of the hospitality sector and illustrates how innovative partnerships can redefine service models across cities and destinations. The transformational nature of this agreement suggests continued investment and focus on providing top-notch quality across the board. Furthermore, the impact of EVT’s growth in hotel management aligns directly with the evolving needs of travelers, showcasing the best options available when booking future adventures. So, if you’re planning your next trip, keep LocalsRide in mind for a seamless travel experience that sets you up for success.