Increases Portfolio Size 42 Percent YTD to 45 Hotels
Hospitality Ventures Management Group (HVMG today announced it is on pace for a record growth year in 2018, having completed the acquisition of 16 hotels year to date, plus one third party management contract totaling 2,412 rooms nationwide.
“Through a series of strategic partnerships and joint ventures, HVMG has targeted and acquired premium branded, high quality assets with value-add potential in strong markets such as Atlanta, Austin, Dallas, San Francisco area and Indianapolis. All 16 hotels fall under the Marriott, Hilton and Hyatt family of brands. Our portfolio has increased more than 40 percent to date,” said Robert S. Cole, president and CEO, HVMG. “As we pursue our vision to be the most sought-after employer, operator, and partner in the hospitality industry, we also have added several new key senior level executives, including Cody Feaster, regional vice-president operations, Suzanne Saunders, vice-president of design & construction, Sam Woodworth, director of acquisitions and business development, and Andy Wardner, director of acquisitions and financial analysis, to help facilitate our growth. We continue to have a strong appetite as well as the capacity for further expansion.”
2018 is off to a great start from an operating results standpoint as well. “HVMG’s performance continue to outpace most of the industry. For example, hotels in our portfolio since January 2018 (excluding the three under major renovation) have achieved a same-store total RevPAR increase of 7.7 percent YTD, with an increase in market share of nearly 6 percent. In addition, the average NOI improvement of the 33 hotels sold that we acquired or took over management since 2009 is 109 percent, with the average hold period being 37 months,” Cole noted.
Throughout this rapid growth, the company continues to rank highly with its partners and associates. Recently conducted key stakeholder surveys found that 90 percent of our investors would strongly recommend HVMG to other owners, investors and/or asset managers. In addition, 95 percent of brand partners would continue to recommend HVMG as a management company. HVMG also places a strong emphasis on culture and was named the “2018 Top Workplace” by the Atlanta Journal-Constitution. Finally, 95 percent of HVMG general managers would recommend the company as an ideal employer.
“By working hard to live our Purpose which is ‘To be excellent in all that we do so our associates, guests and partners love us!’ along with making talent, relationships and performance the foundation in everything we do, we believe this give us a demonstrable competitive edge resulting in excellent associate scores, guest satisfaction scores and hotel operating results,” Cole added.