IHG (InterContinental Hotels Group) today announced that international investment company, Pro Invest Group, has established a $150 million fund to develop a portfolio of 15 Holiday Inn Express hotels across Australia.
Pro Invest has created a property development and hotel operating company to build and operate an initial 15 Holiday Inn Express hotels, totalling approximately 2,150 rooms, in central business, suburban and airport locations in Sydney, Melbourne, Perth and Brisbane. IHG will enter into franchise agreements for each of the hotels under a multiple development agreement signed between the two companies. The first hotel will open at Macquarie Park in North Ryde, Sydney in the autumn of 2014.
Holiday Inn Express is the smart choice for value-conscious business and leisure travellers. Fresh, clean and uncomplicated, Holiday Inn Express is for guests on the go, offering them exactly what they need – a great night’s sleep in a high quality hotel with free breakfast and free Wi-Fi. Holiday Inn Express North Ryde will offer 190 rooms to meet the growing demand from the local business community for quality accommodation at a smart price.
The principal of Pro Invest Group, Ronald Barrott, has been a strong partner for the brand, having already developed a portfolio of Holiday Inn Express properties in Europe in the 1990s and early 2000s with Stannifer Hotels. As Founder, CEO and Chairman of the company, Barrott led Stannifer to become one of the UK’s largest and most successful select service hotel groups.
Ronald Barrott, principal of Pro Invest said, “This fund is comprised of a group of offshore investors, all who see the potential of investing in both the Holiday Inn Express brand, and Australia. We believe now is the time to grow this brand in the market and travellers will certainly benefit from having one of the world’s biggest hotel brands to choose from.