Fund manager Pro-invest has tipped the hotel sector to outperform the booming logistics market over the coming years on the back of a resurgence in accommodation take-up, after securing up to $200 million from institutional investors for its latest hotel fund.
She said hospitality assets, on the other hand, still had “runway to get to the mature phase” after a resetting of hotel values during the pandemic.Pro-invest, which owns and manages a portfolio of over 4500 rooms spread across 22 mid-scale and lifestyle hotels in Australia and New Zealand, is targeting a 20 per cent annual internal rate of return for its third hotel fund, which will focus on acquiring existing hotels from “motivated sellers” and undertaking repositioning or rebranding programs.
Pro-invest is targeting a $500 million total raise for its third hotel fund, giving it the capacity to acquire between eight and 10 assets. It has also strengthened its hotel management platform, forming a joint venture with operator Next Story Group seeded with 1500 rooms across brands such as Sage, Voco, Sebel and Indigo.
Imagine if this article was about public housing?
Canada Canada Latest News, Canada Canada Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Source: abcnews - 🏆 5. / 83 Read more »