Hospitality Ventures Management Group (HVMG) today announced it has formed a joint venture with True North Management Group of White Plains, N.Y., to acquire the 282-room Marriott Century Center in Atlanta, Ga., and the 226 two-room suite Hilton Phoenix Suites in Midtown Phoenix, Ariz.
HVMG will operate both hotels, bringing its portfolio to 35 operated hotels with 7,572 rooms nationwide. The deal was brokered by Atlanta-based Hunter Hotel Advisors for $50.75M, inclusive of the hotels’ capital reserve accounts.
Each hotel will undergo a major renovation program of approximately $15 million to upgrade property exteriors, public space, back-of-house areas and guest rooms. HVMG will oversee both renovations which are expected to begin in 2017.
“We continue to work with best-in-class partners to pursue underperforming hotels that can benefit from improved management, better operating margins, an infusion of capital investments and repositioning,” said Robert S. Cole, HVMG president and CEO. “Our management team has extensive repositioning experience and an aggressive, yet targeted, approach to maximize value creation within the full-service segment, which now accounts for more than 90 percent of our total portfolio’s revenue.
“With the addition of this joint venture, we have added three upscale hotels and resorts within the last three weeks to our rapidly growing, national hotel portfolio,” Cole added. “With approaching debt maturities as well as franchise license agreement expirations, a substantial number of hotels will likely change hands in the near future, creating additional acquisition and third-party management opportunities for proven operators. HVMG has experience in virtually all segments of the hospitality industry, from select-service to premium-branded upscale and independent boutique hotels and resorts, allowing us to move quickly and be successful in the various categories.”
Marriott Century Center/Emory Area
Marriott Century Center/Emory Area
Conveniently located off of I-85, the Marriott Century Center/Emory Area is just minutes from the downtown area and accessible to Brookhaven, Atlantic Station, Georgia Tech, Buckhead and the CDC. Guests can unwind in “The Greatroom,” Marriott’s communal space that offers complimentary Wi-Fi, space for socializing and a relaxed atmosphere.
The property provides 25,000 square feet of luxury event and business meeting space that can accommodate up to 600 guests. Other amenities include a state-of-the-art fitness center and outdoor pool. Visitors can select from such dining options as the Stackstone Grille, a casual dining experience featuring American Cuisine, the Stackstone Lounge, with seven flat-panel HDTVs and one of the only locations in the area to feature Wii, and the Century Café, a gourmet coffee shop showcasing We Proudly Brew Starbucks, as well as grab-and-go pastries, sandwiches and salads.
Hilton Phoenix Suites
Adjacent to the Metro Light Rail, the Hilton Phoenix Suites is located conveniently in the Midtown district, a few short miles from Chase Field, home of the Arizona Diamondbacks, and Phoenix Sky Harbor International Airport. Spacious two-room suites include a separate living room, an expansive work area, refrigerator and microwave, while conference suites also provide a meeting table that seats up to eight people.
The atrium lobby is shrouded with greenery, ponds, fountains and an atrium lounge surrounded by five large screen TVs and billiard tables. Guest can enjoy casual, American fare at the Great American Grille. Additional amenities include a fitness center, indoor pool and whirlpool, a 24-hour business center and meeting space that can host up to 100 guests.
“Following their upgrades, both hotels will offer guests ‘like-new’ facilities, providing a significant competitive advantage,” Cole noted. “Combined with our proven track record in enhancing operating margins and increasing revenue soon after transition, we believe these hotels quickly will become market leaders.”
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 premium branded and independent boutique hotels. It currently operates 35 hotels in 15 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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