Atlanta-based hotel management, development and ownership company Hotel Equities has been tapped to manage the full-service Holiday Inn Boone–University Area in the Blue Ridge Mountains of Western North Carolina near Appalachian State University.
A $4.3 million renovation to the hotel was completed last year by Asheville, N.C.-based owners Watauga Hospitality. Hotel Equities assumed operations for the hotel including accounting, revenue management and sales and marketing.
“We are thrilled to partner with this strong ownership group to re-enter the Boone market as operators of this phenomenal IHG hotel,” said Joe Reardon, HE’s chief development officer. “We found great alignment in goals, priorities and strategy for the success of the asset and we look forward to future opportunities to join forces.”
Despite the ongoing pandemic, Reardon reports a promising steady uptick in travel across HE’s portfolio of hotels, especially in the extended-stay and destination properties.
“At the peak of this pandemic when occupancy flatlined around the globe—that was when hotel owners truly began to realize the enormous value of their managing partners,” said Reardon. “We are experiencing a flight to quality from hotel owners and we think that’s continuing to happen because of lingering uncertainty surrounding CV19. Owners want an experienced team who has persevered in the past and prevailed.”
The Holiday Inn Boone University Area is close to Appalachian State University, the Appalachian State Mountaineers football stadium and the mountains.
Last month, the company took over the management of three Marriott hotels in Alabama. The firm has a portfolio of 140 hotels and projects throughout the United States and Canada.