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IHG Invests in Pro-invest Groupís Holiday Inn Express Portfolio in Australia

Home Search Send to Friend Latest Travel News Asia Tuesday, 14 October 2014
 

InterContinental Hotels Group has invested in Pro-invest Groupís Australian Hospitality Opportunity Fund (AHO).

Under the A$150 million fund, Pro-invest Group is currently developing a portfolio of up to 15 Holiday Inn Express hotels across Australia.

ďWe are pleased to welcome IHG as part of our investors. IHGís commitment strongly reinforces their confidence in our roll-out of the Holiday Inn Express brand in Australia,Ē said Ronald Barrott, Chief Executive Officer of Pro-invest Group. ďAustraliaís accommodation market is in need of new hotel supply operated under well-established international brands, particularly in the limited service segment. Our hotels will cater to the growing demand for hotel accommodation in Australia, offering a great guest experience to smart, savvy travellers regardless of whether they are visiting for business or leisure.Ē

Pro-invest Group currently has two hotels in the pipeline, Holiday Inn Express Sydney, Macquarie Park, which is scheduled to open next year and Holiday Inn Express Brisbane, Spring Hill which will open early 2016. Both hotels have received the support of local authorities with Development Approvals received and it is expected that contractors will commence on-site later this month, in both locations.

Pro-invest Group is also in advanced negotiations on another five sites and is actively seeking additional sites to develop Holiday Inn Express hotels. It expects to announce further acquisitions by the end of 2014.

Jan Smits, Chief Executive Officer, Asia, Middle East and Africa, IHG said, ďAustralia is an important market for us and we are committed to growing our brands here. We are very excited to be launching Holiday Inn Express, one of the fastest growing hotel brands in the industry, with the Pro-Invest Group in Sydney next year. With their reputation as a hotel developer and operator, and a strong management team who is well acquainted with IHG, we are confident our partnership with Pro-Invest Group will establish Holiday Inn Express as a preferred brand in Australia.Ē

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