Hospitality Ventures Management Group (HVMG) On Track for Record Year
June 8, 2015
Hospitality Ventures Management Group (HVMG), an Atlanta-based, private hotel management company, today announced it is in the midst of a record-breaking year, having completed a strategic expansion of its traditional business model. Over the past six months, the company has entered into 10 new management contracts. Additionally, HVMG has entered into seven new hotel development agreements for projects currently under construction or renovation.
Retaining the skills and competencies required to turnaround underperforming hotels, particularly full-service and upscale select-service hotels, the company began evolving and expanding its business model in 2013 to take advantage of the changing market dynamics and trends. As a result, the 2015 portfolio comprises eight independent properties, including two, Four Diamond, boutique beachfront resorts currently under development, creating a growing operational niche in the independent luxury segment.
“We have strategically and purposefully positioned ourselves to take full advantage of the ever-changing conditions in the hospitality marketplace,” said Robert S. Cole, HVMG president and CEO. “We are a multi-dimensional operating platform, able to provide virtually any service throughout the entire hotel life cycle, from development to maximizing operating performance and creating value through the disposition process.
"Consistent with our business plan and growth strategy, we strive to be recognized as an expert operator and maximizer of upscale and full-service hotels by delivering excellence in revenue generation, the guest experience and profitability,” Cole added. "We will accomplish that by developing a ‘best-in-class’ revenue platform and becoming an innovative leader in food & beverage, as well as continuing to expand our talent infrastructure.”
Since the fourth quarter of 2014, HVMG added six new key senior positions in areas such as Revenue, Finance, Design & Construction and Business Development.
"Despite the growth in our corporate resources and support, we understand the importance of remaining nimble and agile in order to transact quickly and customize every hotel business plan and operating model around the specific ownership objectives," Cole said. "Given our track record of delivering premium performance, our pipeline is active, and our appetite for deals remains robust."
Developing and growing through joint ventures, acquisitions and management of premium branded, upscale and independent/boutique properties is core to HVMG's strategy. To that end, nearly 90 percent of HVMG’s portfolio currently consists of Hilton, Marriott, Hyatt or independent and boutique hotels. Additionally, HVMG is one of only a select few companies approved to manage full-service Hyatt, Marriott, Hilton and Starwood brands.
Highlights through the first half of 2015 include:
· Selected lead developer and manager of the 140 room SpringHill Suites Orange Beach, Ala. (at the Wharf), currently in final stages of pre-development.
· Chosen to manage two, Four Diamond, independent luxury resorts, a $100+ million project currently in pre-development in Lauderdale-By-The-Sea, Fla.
· Signed five new hotels under development, including the Hotel Indigo in downtown Atlanta and the Hotel Indigo in downtown Denver (LODO).
· Acquired a joint venture interest in the 261-room Embassy Suites Atlanta – Galleria. HVMG also manages the hotel and is overseeing a $12 million renovation.
· Completed the acquisition of the 299-room Marriott Greensboro-High Point Airport Hotel and assumed management while overseeing an $11 million renovation.
“While we are hotel operators in terms of experience and skill set, we believe our true business model revolves around performance, talent and relationships,” Cole concluded.
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