Pro-invest strengthens its Australian portfolio with the purchase of the Canberra hotel
Pro-invest has purchased a hotel property in Canberra’s defense compound, bolstering its portfolio of Australian hotels by $2 billion.
The hotel, currently known as Campbell5, will operate as Sebel Canberra Campbell and will be Pro-invest’s second Sebel-branded hotel in Canberra.
“The Sebel Canberra Campbell is a high quality asset – new build in an ideal location enjoying consistently high visitor traffic and excellent access to nearby amenities. It is also a natural fit for the Sebel brand and it is exciting to extend our partnership with Sebel and its parent company Accor on the back of this deal,” said Pro-invest CEO Jan Smits.
“We intend to continue to pursue asset opportunities in Australia with a view to building Australia’s largest portfolio of sole proprietorship hotels.”
Smits said Pro-invest has a “healthy pipeline” of hotel assets entering the Australian market over the medium term.
“The new fund will position Pro-invest to capture these opportunities and we have been encouraged by the response from investors wishing to participate,” he said.
The Sebel Canberra Campbell – part of the $500 million Campbell5 development – includes serviced apartments and residential, commercial and retail space.
“The property is in a great location with enormous potential,” said Sarah Derry, CEO of Accor Pacific.
“Expanding our footprint with this incredible hotel will provide even more choice for our guests and opportunities for our teams. With Pro-invest, we have an experienced partner at our side who will bring competence and attention to detail to the project.
Pro-invest’s Fund III was launched last year for local and overseas investors wishing to explore hotel opportunities in Australia and is targeting a final close of $500 million for the fund by the end of the year.
CBRE Hotels handled the sale of the property.
“The Campbell5 Hotel sales campaign has been managed during the height of the pandemic, attracting widespread interest from traditional and non-traditional hotel investors, underscoring the resilience of the Canberra hotel market,” said Michael Simpson, CEO of CBRE Hotels.
“The sale of the Campbell5 Hotel, along with recent campaigns by CBRE, including Tasman Hobart, Sofitel Sydney Wentworth and Q Station Sydney, show market buy-in to the accelerating recovery in the hospitality sector.”