Pro-invest Group sourced and managed the off-market acquisition of the hotel on behalf of DWS, the asset management arm of Deutsche Bank at the turn of 2019.
The hotel was a recent conversion from an existing office building, located in Canberra’s CBD, Australia’s capital city. With strong access and visibility attributes, the hotel benefitted from proximity of strong leisure and corporate demand drivers. It was also well positioned to capitalise on market growth prospects and the development of a 20,000 square metres commercial tower and Government building across the road.
Pro-invest Group entered into a lease agreement to operate the hotel. Pro-invest Group was also retained as the asset manager to drive a potential medium-term value add strategy and ensure the asset was maximizing its financial performance.