Hospitality Ventures Management Group acquired two hotels in Winston-Salem, N.C., for the combined price of $27.35 million. The company, operating at HV Winston-Salem 1, closed the deal on a 315-room Marriott and a 146-room Embassy Suites, purchasing them from an affiliate of Noble Investment Group.
HVMG, which is based in Atlanta, said in a statement that it plans on investing more than $20 million in updating the hotels. Noble bought the properties from Adam's Mark in April 2008, paying a combined $7.8 million for both of them. At the time of this purchase, Noble had an agreement in place to spend $28 million on renovations to the hotels, and signed a 15-year lease with Winston-Salem to manage the Benton Convention Center.
The next wave of renovations are expected to begin Q3 2016. HVMG also signed a memorandum with Marriott International allowing them the first opportunity to buy the property should it go up for sale again.
HVMG's interest in these hotels can be traced back to June 10, and the company's dual acquisition also comes with a deal to manage the convention center.
“While the Marriott and Embassy Suites mark our entry into Winston-Salem, they also are our fifth and sixth North Carolina properties,” Robert Cole, Hospitality’s president and chief executive, said in a statement on July 26. “They add greater depth to our state and regional market insights, providing economies of scale we can leverage immediately.”
“The Embassy Suites and Marriott and Benton all work together,” said Richard Geiger, the president of the Winston-Salem Convention and Visitors Bureau. “None of those properties survive on their own. It really is a holistic business arrangement. It is very important that all of the venues are on the same page and working together."