International law firm Withers has advised Pro-invest Group in completing its AUD$300 million capital raise for its inaugural Australian hotel fund.
The fund will invest in Australian and New Zealand properties that will be developed into Holiday Inn Express branded hotels. The brand is franchised from UK-listed hotel group InterContinental Hotels Group PLC and is one of the world’s leading, and fastest growing, quality select service brands.
Last month saw the grand opening of the fund’s first Australian hotel in Sydney’s Macquarie Park, often described as Australia’s Silicon Valley. Three further sites around Australia have been confirmed (Brisbane, Adelaide and Melbourne), with a targeted portfolio size across Australia and New Zealand of 10 to 15 hotels.
The Withers team comprised partners Robert Williams and Justin Gross as well as associate Vivian Chen, all of whom recently joined Withers from a leading hotels and hospitality specialist firm.
Robert heads Withers’ Asia Pacific Hotels practice and works from the firm’s Sydney and Singapore offices, advising clients across Asia Pacific on transactions in the hotels and hospitality sector, where he is recognised as a leading lawyer for corporate, finance and M&A matters.
Justin has almost 20 years professional practice experience in funds and M&A transactions in Europe and Asia Pacific. Justin has a strong combination of accounting, tax and legal experience and qualifications.
Robert and Justin have advised Pro-invest Group on its Australian hotel fund since Pro-invest Group’s inception in 2010.Withers continues to advise Pro-invest Group on the fund’s Australian and New Zealand hotel investments.
Withers’ hotels and hospitality team represents leading owners and operators in the sector. They specialise in acquisitions and sales of hotels and resorts; negotiating hotel management; franchising and development/leasing deals; operating platform M&A transactions; and providing capital raising, fund structuring and vacation ownership advice.