Hospitality investment entity and operator Harvest has unveiled its “evolution” from Hotels to Hospitality, plus a new investment strategy in a burgeoning asset class.
Many operators and investors see hospitality assets as combining the stability of resilient revenue with the potential for long-term appreciation. When suitable assets are strategically acquired and properly managed they deliver both reliable returns and capital growth – often throughout changing economic conditions.
Harvest Hospitality is a mark of the growth strategy of the former Harvest Hotels, as it “plan[s] for the next decade”, unveiling a refreshed brand and announcing launch of two new investment funds.
CEO and co-founder Chris Cornforth says the tweak to their name is “a subtle yet purposeful change to complement our next phase of growth”.
Moving beyond its two existing closed-end funds, Harvest is expanding its investment offerings with two new funds aiming to offer investors distinct investment strategies.
The Harvest Hospitality Income Fund will be an open-ended platform for providing recurring returns from high quality pub assets, while the Harvest Hospitality Opportunities Fund will be another closed-end fund dedicated to maximising returns, furthering the group’s existing MO, via a value-add strategy.
These funds are simultaneously designed to enable Harvest to expand its portfolio and gain the benefits of scale, says Cornforth.
Harvest was founded in 2014, growing from its beginnings as a two-person team running small bars to become a leading hospitality asset manager employing a head office of 30 people and staff network of over 650. It embraces a mantra to ‘Elevate the Everyday’.
Over the course of the past 11 years the company has acquired and operated 18 venues, including the record price purchase of East Maitland’s Windsor Castle in 2022, and sold five, to currently owner-operate 13 large-format pubs.
It has undertaken seven major capital works projects, including relaunch of ‘super pub’ the Aussie Inn, and reports more than $85 million in value added to its portfolio, with more works slated for the near future.
Additional resources and skillsets have been added to the head office team to enable this next phase of growth, recently bringing aboard James Hann as Chief Investment Officer and an equity partner, James Crombie as Head of Investor Relations, and in 2024 Mark Pratt joined as Executive Director.
Hoping to become Australia’s leading hospitality asset manager, the rebrand and initiatives are expected to enable Harvest to continue expanding its pubs presence while also exploring other hospitality-styled investment opportunities.
“Hospitality assets – when combined with operational expertise – continue to demonstrate resilience in an ever-changing market, offering strong potential for investment and returns,” says Cornforth.
