Hospitality Ventures Management Group (HVMG) today announced that it has completed the acquisition of the 299-room Greensboro-High Point Airport Marriott for an undisclosed sum. The company will manage the hotel, bringing its managed portfolio to 38 hotels and 7,194 rooms in 15 states nationwide.
“With its prime airport location and high barriers to new competition, the Greensboro-High Point Airport Marriott is a perfect fit with our growing portfolio of owned and managed hotels," said Robert S. Cole, HVMG president and CEO. “2014 marks our fourth year of consecutive double-digit portfolio growth and the single best year in our 14-year history. We continue to have a healthy appetite for additional hotel acquisitions, new development and third party management and believe 2015 will present similar opportunities for further growth.”
Located at One Marriott Drive, adjacent to the Piedmont Triad International Airport, the Greensboro-High Point Airport Marriott, will undergo an $11 million renovation to update meeting space and guest rooms.
“This Marriott underwent a renovation of nearly $6 million in 2012,” Cole noted. “Following the completion of this second wave, the hotel will be in ‘like-new’ condition and the most recently renovated full-service hotel in the area, making it the ideal hotel for group business and corporate transient travelers to the Greensboro area.”
Hospitality Ventures Management Group is a privately owned, fully-integrated hotel investment and management group that specializes in turning around and repositioning underperforming hotels as well as maximizing the performance of stabilized hotels. It currently operates 38 hotels and 7,194 rooms in 15 states nationwide. 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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