Carter Group to Invest in Pro-invest APAC Value-add Hotels Fund
New Zealand-based investment firm Carter Group Limited (“CG”) has become a significant stakeholder in Australia-based Pro-Invest Group (“PG”)’s AUD500 million Asia Pacific Hotel Fund. CG has sold the vacant 209-key Holiday Inn at Flinders Lane to the Pro-Invest Fund III, with plans to spend AUD20 million to renovate the hotel and rebrand it as Hotel Indigo Melbourne. Pro-Invest will operate the newly renovated 216-key Hotel Indigo Melbourne under a franchise agreement with UK-based IHG Hotels & Resorts. The 103-key Larmont Sydney, which was acquired by PG for AUD46 million in December 2022, will also be rebranded as a Hotel Indigo. The Pro-Invest Fund III aims on acquiring distressed assets that can be purchased at low prices and revamp them in return.