SYDNEY: EVT Limited (ASX: EVT) has announced the launch of EVT Connect Hospitality, a new third-party hotel brand management model, alongside its acquisition of Pro-invest Hotels, a move aimed at accelerating growth in the asset-light accommodation sector.
The acquisition, valued at $74 million with a potential earn-out of up to $30 million, includes 15 long-term hotel management agreements across Australia and New Zealand, covering approximately 3,200 rooms under global third-party brands such as Holiday Inn Express, Kimpton, Voco, Hotel Indigo, and Sebel. The transaction is expected to contribute an estimated $8–$9 million in incremental annual EBITDA, including synergies, according to EVT forecasts.
EVT Connect Hospitality will operate within the Group’s Travel division, offering hotel owners flexible management solutions while leveraging EVT’s extensive local capabilities. The new business will be led by Group Director of Commercial Mathew Duff and independently resourced to drive growth.
“This initiative enhances our ability to deliver value for asset owners seeking third-party brand franchising, supported by the expertise of the PIH team and EVT’s broader capabilities,” said EVT CEO Jane Hastings.
EVT Chairman Alan Rydge added, “The Board is pleased to support this strategic expansion, which aligns with our commitment to growing the asset-light hotel management business.”
The acquisition remains subject to informal clearance from the Australian Competition & Consumer Commission and procedural conditions precedent, with completion expected later in 2025 or early 2026.