Hospitality Ventures Management Group, an Atlanta-based private hotel investment, ownership and management company, in conjunction with Investra Capital Group through its subsidiary Investra Capital, a private equity real estate investor and asset manager, completed the joint-venture acquisition of a 12-hotel portfolio totaling 1,465 rooms comprised of Marriott- and Hyatt-branded hotels across the Southeastern, Southwestern and Midwestern United States. HVMG also will operate the entire portfolio.
“As we grow our footprint into the U.S., our acquisition philosophy aligns with HVMG’s, as we both remain focused on assets in strong secondary and tertiary markets flanked by strong corporate, government, healthcare and university demand generators,” Mobeen Jassat, principal and CEO of Investra Capital, said in a statement. “With their successful industry track record in maximizing asset value and seasoned acquisition and operation expertise, we are confident HVMG will act as the ideal stewards of these hotels as they quickly achieve improved performance as the respective segment leaders in each sub-market.”
“The acquisition of these 12 assets brings Investra’s portfolio to a total of 20 hospitality assets across the U.S. since its initial acquisition in 2014,” Zaid Randeree, CEO of Investra Capital Group, said in a statement. “This also is in line with Investra’s strategy of steady, focused acquisition and growth of assets in the select service hospitality sector across the USA.”
“In the first few months of 2018, HVMG has added 16 hotels totaling 2,611 rooms to its portfolio of full- and select-service and extended-stay hotels across the United States, putting us on track for an historic growth year,” Robert S. Cole, president and CEO of HVMG, said in a statement. “We continue to seek best-in-class partners like Investra as we selectively target hotels that can benefit from repositioning and/or capital improvements located in top tier markets. Our goal remains to be the most sought-after operator, employer and trusted partner in the hospitality industry.”
The hotels in the portfolio are as follows:
- The 146-room Courtyard Atlanta Marietta I-75 North in Marietta, Ga.
- The 131-room Courtyard Atlanta Norcross Peachtree Corners in Norcross, Ga.
- The 127-room Courtyard Atlanta Marietta Windy Hill/Ballpark in Atlanta
- The 198-room Courtyard Austin University in Austin, Texas
- The 63-room Fairfield Inn & Suites Austin University in Austin, Texas
- The 145-room Courtyard Dallas Addison Midway in Addison, Texas
- The 130-room Hyatt House Dallas Richardson in Richardson, Texas
- The 84-room Courtyard Grand Rapids Airport in Grand Rapids, Mich.
- The 147-room Courtyard Detroit Southfield in Southfield, Mich.
- The 86-room Fairfield Inn & Suites Indianapolis Airport in Indianapolis
- The 95-room Residence Inn Indianapolis Airport in Indianapolis
- The 113-room Courtyard Cleveland Beachwood in Beachwood, Ohio
“With these additional 12 assets, our portfolio now contains a combined total of 25 Marriott- and Hyatt-flagged hotels across the United States,” Cole said in a statement. “We are very familiar with each of these brands, as well as the unique demands of each of the regions and traveler types, allowing us to improve bottom lines and guest satisfaction scores expeditiously.”