New Corporate Hotel for Parramatta
Media release | 4 February 2019
A new four-star hotel targeted at business travellers to be built in Parramatta by private equity investment company Pro-Invest Group with support of the NSW Government.
The Holiday Inn Express will be the fourth hotel developed in NSW by the company in agreement with InterContinental Hotels Group.
The NSW Government through the Department of Industry has worked with Pro-Invest Group to help facilitate and secure the investments in NSW with advice on regulatory processes, site selection and introductions to potential investors.
“This investment is great news for Parramatta and also for Sydney’s wider tourism and business and accommodation sector,” Department of Industry Executive Director of Industry Trade and Investment Kylie Bell said.
Pro-Invest Group Managing Director Dr Sabine Schaffer said the Parramatta hotel would be the fourth hotel investment for the company in NSW together with other Holiday Inn Express hotels in Newcastle, Sydney Airport and Macquarie Park.
Dr Schaffer said the Group is also already developing an additional seven hotels in other main cities of Australia and New Zealand as Pro-invest looks to penetrate the ANZ market with its hospitality assets.
“Pro-Invest’s current hotel portfolio equals approximately 3,000 hotel rooms. The four hotels in NSW with their combined 850 rooms are supporting a total investment of some $280 million creating approximately 150 construction jobs and about 100 ongoing jobs to operate the hotels,” Dr Schaffer said.
“In NSW, we have built a 193 room Holiday Inn Express at Macquarie Park which was named Best Mid-Range Hotel by Tourism Accommodation Australia two years in a row in 2017 and 2018. This clearly demonstrates that our hotels have been well received in the market as corporates are looking for smart, modern hotel solutions for their employees.
“We are also building a 220 room Holiday Inn Express at Sydney Airport due to be finished at the start of 2020, and in Newcastle we’re building a 170 room Holiday Inn Express due to open in March this year.
“With the new Parramatta hotel we are hoping to start construction pending development approvals in 2019 and open the project in 2021.”
Dr Schaffer said Pro-Invest Group Sydney office has grown to become one of the largest hotel investment platforms in Australasia.
“We have based our Australian operations in Sydney and very much believe in the city’s potential. We now have 35 employees in our Sydney office focusing on our hotel investment strategy in Australia and New Zealand which represent the main focus of our Group’s activities,” she said.
“The assistance provided by the Department of Industry has been very helpful and given us confidence to invest in NSW.
“Pro-Invest Group’s Holiday Inn Express hotels are designed for the growing business traveller market and are without fancy extras like swimming pools and spas, laundry services or full restaurants allowing them to be price competitive while creating spin-off business for the local communities in which they are located.”