Hospitality Ventures Management Group (HVMG) today announced it has acquired two downtown Winston-Salem, North Carolina hotels, both adjacent to the Benton Convention Center which is currently under an $18 million renovation: the 315-room Marriott and the 146-room Embassy Suites. The company will invest significant capital to dramatically enhance the product of both hotels.
“North Carolina continues to be one of the more attractive hotel marketplaces in the U.S., with domestic travelers spending more than $20 billion across the state according to the latest available data,” said Robert S. Cole, HVMG president and CEO. “While the Marriott and Embassy Suites mark our entry into Winston-Salem, they also are our fifth and sixth North Carolina properties, adding greater depth to our state and regional market insights and providing economies of scale we can leverage immediately.
“We are working a very active acquisitions and development pipeline, with these two properties becoming the fifth and sixth hotels added to our portfolio over the last seven weeks,” Cole added. “2016 is shaping up to be one of HVMG’s most successful growth years in its history.
“We continue to be optimistic as transaction activities are expected to increase in the second half of 2016, fueled by improving capital markets,” Cole continued.
Located in the downtown area at 425 North Cherry Street, the full-service hotel is part of the Twin City Quarter and connected to the 100,000 sq. ft. Benton Convention Center. Nearby attractions include the Piedmont Triad Research Park, City Hall, Downtown Arts District (DADA), Fourth Street’s restaurant row, Old Salem and the LJVM (Joel) Coliseum.
The guest rooms are amenity-rich and include the new Marriott Revive Beds with 300-count linens, fluffier pillows and down comforters, as well as a 37” flat panel televisions. Dining options include the Graze Restaurant and Lounge, offering seasonal and sharable American breakfast, lunch and dinner options, as well as room service and two private dining rooms. Additional dining options include the concierge level lounge offering complimentary breakfast and hors d’oeuvres during the evening. Event space is comprised of 15,067 sq. ft. and 14 event rooms with a maximum capacity of 600 people. Other amenities include free Wi-Fi, 24-hour business and fitness centers and indoor pool.
Embassy Suites Winston-Salem
Strategically located at 460 North Cherry Street, 10 minutes from Smith-Reynolds Airport and 20 minutes from Piedmont Triad International Airport, the Twin City Quarter property is connected to the Benton Convention Center. Nearby attractions include the Winston-Salem arts district, Delta Arts Center, Piedmont Craftsmen Gallery, Reynolda House Museum of American Art, Old Salem and more than 75 parks for outdoor activities.
The hotel boasts spacious suites with private bedroom, separate living room with a sofa bed, armchair, work desk, wet bar, refrigerator, microwave, coffeemaker, flat-screen TV and free Wi-Fi. Dining options include the Grille Restaurant and Bar and complimentary, made-to-order breakfast, as well as free drinks and snacks at the evening reception. The hotel offers more than 57,000 sq. ft. of event space, including an eight-story atrium that accommodates 600 people, the Gaines Ballroom for weddings and the Grand Pavilion Ballroom for banquets, allowing for 1,200 people. Other amenities include the Glass Door Salon & Spa, a 24-hour fitness center and an indoor pool.
Hospitality Ventures Management Group currently operates 35 hotels in 16 states totaling 7,572 guest rooms. HVMG operates independent and boutique hotels, and resorts, as well as full-service, select service and extended stay hotels under the Hilton, Marriott, Hyatt, Starwood and IHG brands.
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