EVT, which owns the Rydges and QT brands, has launched EVT Connect Hospitality, which will offer hotel management services to hotels outside of its own brands.
As part of the launch of its third-party hotel management arm, EVT has announced it will acquire Pro-invest Group’s hotel management business for a current estimate of $74 million.
The acquisition will deliver an immediate boost of 15 hotels under management through EVT Connect Hospitality, including Kimpton Margot Sydney and various Holiday Inn and Hotel Indigo properties across Australia and New Zealand. voco Auckland will also be managed by EVT Connect Hospitality. Collectively, the number of rooms moving to EVT’s management is 3,196 rooms.
However, not all Pro-invest Group’s hotel assets will be moving over to management by EVT, with the 10 properties under the VISTA portfolio to remain under Pro-invest’s management.
“Our goal has always been to deliver high-quality, resilient assets that meet the evolving needs of modern travellers and investors alike,” said Pro-invest Group’s founder and chair, Ronald Barrott.
“We will continue to focus on hotel asset management while expanding in the rapidly growing sectors of flex living, BTR and mixed-use developments.
“This deal with EVT is the right deal to benefit both our investors and our people and will further enhance EVT’s growth trajectory.”
Subject to “informal clearance” by the Australian Competition and Consumer Commission (ACCC), the acquisition is expected to be finalised in late 2025 or early 2026, with EVT forecasting an annual increase on before tax earnings of $8 million to $9 million.
“The launch of EVT Connect Hospitality, seeded by the acquisition of PIH [Pro-invest Hotels], represents a further initiative to grow hotel earnings,” said EVT’s CEO, Jane Hastings.
“EVT Connect Hospitality will further enhance EVT’s ability to deliver value for asset owners who seek to franchise a third-party brand, supported by the expertise of the PIH team and now boosted by the ability to leverage our extensive EVT Group expertise. We look forward to welcoming the PIH team to our group.”
