Pro-invest has purchased a hotel property in Canberra’s defence precinct bolstering its $2 billion Australian hotels portfolio.

The hotel – currently known as Campbell5 – will operate as the Sebel Canberra Campbell and will be Pro-invest’s second Sebel-branded hotel in Canberra.

“The Sebel Canberra Campbell is a high-quality asset – a new build in an ideal location enjoying consistently strong visitor traffic and great access to nearby amenities. It is also a natural fit for the Sebel brand and it is exciting to be extending our partnership with Sebel and its parent Accor on the back of this deal,” said Pro-invest CEO, Jan Smits.

“We intend to continue pursuing asset opportunities in Australia with a view to building Australia’s largest single-owner hotel portfolio.”

Smits said Pro-invest has a “healthy pipeline” of hotel assets coming onto 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 wanting to participate,” he said.

The Sebel Canberra Campbell – part of the $500 million Campbell5 development – comprises serviced apartments and residential, commercial and retail spaces.

“The property is in a great location with enormous potential,” Accor Pacific CEO Sarah Derry said.

“Expanding our footprint with this incredible hotel will bring even more choice for our customers and opportunities for our teams. With Pro-invest we have an experienced partner at our side, who will bring skill and thoughtful detail to the project.”

Pro-invest’s Fund III was launched last year for local and offshore investors wanting 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 sale campaign was managed through the peak of the pandemic attracting widespread interest from both traditional and non-traditional hotel investors, highlighting the resilience of the Canberra hotel market,” CBRE Hotels Managing Director, Michael Simpson.

“The sale of the Campbell5 Hotel, as well as CBRE’s recent campaigns including the Tasman Hobart, Sofitel Sydney Wentworth and Q Station Sydney shows the market’s buy-in to the hotel sectors’ expedited recovery.”