Pandemic creates $500m hotel opportunity for Pro-invest
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Hotel investor, developer and operator Pro-invest has identified a half-a-billion dollar opportunity created by the global pandemic, launching a new fund to acquire distressed hotels at low prices and then revamping them.
“We’re aiming to buy in at the right level, to not overpay and then add value,” Pro-invest co-CEO and chairman Ronald Barrott told
The Australian Financial Review. “The opportunities are out there.”
Ronald Barrott says the firm is looking for distressed and value-add hotel opportunities.
While Pro-invest has focused on developing more budget-style Holiday Inn Express hotels in Australia and New Zealand – the group has opened eight so far with seven more hotels to open in the next 12 months – its $500 million Asia-Pacific Distressed Hospitality Fund will look at opportunities at the more upscale and luxury end of the market.