Pro-invest raises $500M for hotels

Pro-invest Group’s has launched its Australian Hospitality Opportunity Fund with a $500M capital raising to support hotel developments and acquisitions. The Fund is the second hotel fund launched by Pro-invest, after its preliminary Australian Hotel Fund raised $300M in 2016. Pro-invest currently has a master franchise agreement with Intercontinental Hotels to open up to 15 Holiday Inn Express hotels as well as to bring the EVEN wellbeing chain of hotels to Australia.

Weakness in the apartment market has prompted Meriton Group to list its Meriton Suites at 88 Talavera Rd, North Ryde NSW for sale with an asking price of $150M. Meriton, Australia’s largest apartment developer owned by Harry Triguboff, will look to utilise the proceeds from the sale of the 199-unit apartment to fund its other construction projects in a market where its sales have been impacted by falling offshore demand. Core Property considers the move by Meriton to represent an implied discounting of the property which may impact the residential apartment market. Meriton is also considering the sale of another 59-unit apartment block in Rhodes, NSW, which, if it were to occur, would likely place further pressure on the residential market.