HVMG completes JV acquisition of Atlanta Embassy Suites

Atlanta-based Hospitality Ventures Management Group (HVMG) has acquired a joint-venture interest in the 261-room Embassy Suites Atlanta – Galleria. HVMG also manages the hotel. Currently HVMG’s managed hotel portfolio consists of 42 hotels in 16 states nationwide, totaling 8,060 rooms.

“Even though we have hotels nationwide from Maine to California, we have extensive roots and history in Georgia, as evidenced by our Atlanta corporate office location and three other hotels in the state,” said Robert S. Cole, HVMG president and CEO. “The Embassy Suites Atlanta – Galleria will benefit tremendously from the economies of scale that we offer and our extensive market knowledge. The property represents our fifth Embassy Suites acquisition and 20th Hilton branded hotel."

Situated in northwest Atlanta's Galleria district within walking distance of the Cobb Galleria Centre, Cobb Energy Performing Arts Centre and Atlanta Galleria Office Park, the Embassy Suites Atlanta- Galleria also is convenient to local businesses such as Home Depot, Coca-Cola, IBM, Lockheed and Travelport. SunTrust Park, the future home of the Atlanta Braves starting with the 2017 season, currently is under construction nearby.

FREE DAILY NEWSLETTER

Like this story? Subscribe to IHIF!

The hospitality industry turns to IHIF International Hotel Investment News as the must-read source for investment and development coverage worldwide. Sign up today to get inside the deal with the latest transactions, openings, financing, and more delivered to your inbox and read on the go.

“HVMG has a proven track record as an expert operator of Embassy Suites in general and in particular, hotels that need meaningful renovations and repositioning," said Richard Jones, HVMG SVP & COO. "We are adept at quickly ramping up properties to become marketplace leaders. We look forward to bringing HVMG’s entrepreneurial and seasoned platform to the property.”

“2014 was a record year for HVMG in terms of operating results as we achieved 10% same store RevPAR growth and grew market share as well, and early metrics indicate that 2015 will be another banner year,” Cole added. “We will continue to seek hotels in markets that can benefit from capital improvements and HVMG’s unique operational systems and practices."

Suggested Articles

Ahead of the Annual Hotel Conference, Simon French, chief economist at U.K. merchant bank Panmure Gordon, talked Brexit and the U.K.'s future.

The newly formed Advantage Hotels has acquired Advantis Hospitality Alliance’s midscale and economy brands Vista and Select Inn.

An affiliate of CBL Properties sold the 110-room Courtyard by Marriott Houston Pearland to Banyan.