hospitality ventures management group

ATLANTA, GA - Hospitality Ventures Management Group (HVMG), a privately owned hotel ownership and third-party management group based in Atlanta, today announced that it has assumed third-party management of two International Palms Resorts in Cocoa Beach and Orlando, FL:

• International Palms Resort & Conference Center – Cocoa Beach  1300 North Atlantic Ave., Cocoa Beach, FL 32931; 1-800-206-2747; 500 guest rooms, 13,000 square feet meeting space; located on 13 oceanfront acres along Cocoa Beach and just minutes from Cape Canaveral. 

• International Palms Resort & Conference Center – Orlando  6515 International Dr., Orlando, FL 32891; 1-800-352-8332; 652 rooms, 20,000 square feet meeting space; located in the heart of Orlando’s entertainment center just minutes from Walt Disney World, Universal Studios Orlando and Sea World.

“In addition to the 22 Hilton and Marriott brand hotels in our portfolio, HVMG has a successful track record of managing full-service independent hotels and resorts in beachfront locations,” says HVMG President & CEO Robert Cole.  “Since HVMG assumed third-party management in 2009 of The Shores Resort & Spa, a Four Diamond property located in Daytona Beach Shores, we have trimmed more $2.0m in operating expenses and experienced double-digit gains in RevPAR.  I am confident HVMG will produce equally impressive results with these two International Palms Properties that offer superior location and recent property upgrades.”

The International Palms Resorts represent the fourth and fifth full-service properties that HVMG has assumed third-party management of in the last 45 days, adding 1,152 incremental guest rooms to HVMG’s portfolio.  In late October, HVMG assumed third-party management of 3 DoubleTree by Hilton Hotels in the Chicago suburbs of Schaumburg and Wood Dale, IL and the Detroit suburb of Novi, MI.

In 2010, HVMG added seven hotels (a 33% growth rate) despite one of the tougher operating and growth environments in the history of the hotel industry.  According to Mary Beth Cutshall, HVMG VP Acquisitions & Business Development, the firm is poised to continue double-digit annual growth through the foreseeable future. 

About Hospitality Ventures Management Group

Hospitality Ventures Management Group is a privately owned, fully-integrated Atlanta-based hotel ownership and third-party management group that specializes in turning around and repositioning underperforming hotels.  The firm currently owns and/or operates 30 hotels in 16 states (coast to coast) totaling nearly 6,000 guest rooms.  Total portfolio revenue exceeds $170 million and 22 of the hotels operate under Hilton or Marriott franchise agreements.  Visit www.hvmg.com for more information.