Cromwell founder and former CEO Paul Weightman has joined forces with Stronghold co-founder Steve de Nys to focus on opportunities within the booming hospitality sector. Together with former Cromwell executives Jodie Clark and Patrick Weightman, the team are working on a new South East and Coastal Queensland focussed Hospitality Fund that will offer wholesale investors exposure to both operating hospitality businesses and property occupied by hospitality focused enterprises.
Mr Weightman, who over 22 years built Cromwell into a top 200 ASX listed Real Estate Investment Trust with a market capitalisation of in excess of $2 billion, said “The Venu Hospitality Fund will be established to capitalise on several attractive thematics that include strong population growth, a surge in investment ahead of the 2032 Olympics, changing consumer behaviours, rapidly developing technologies and the consolidation of a fragmented sector.”
Mr de Nys, who co-founded Business Park and Hospitality investment manager Stronghold in 2013 said, “the Fund will have a mandate to acquire hospitality assets and add value to both the operating businesses and the underlying real estate via an integrated approach.”
Seed assets for the proposed open-ended fund include 10 established South East Queensland businesses currently operated by the Raw Group. Raw co-founders Adrian and Nick Rosato will manage the businesses on behalf of the fund and will be substantial investors in the fund.
The Fund will be one of the first investment opportunities to be offered under the new Corporate Collective Investment Vehicle (“CCIV”) regime introduced by the Australian Government in July 2022.
The Venu Hospitality Fund is open to Wholesale Investors only and has a forecast Year 1 distribution of 7.5% per annum plus a franking credit equivalent to 2.5 cents per security.
For further information or to express your interest visit Venu Hospitality Fund – Stara – Real Estate Capital & Advisory
