Hospitality Ventures Management Group (HVMG) Completes First Half of 2018 on Record Growth Pace
Increases Portfolio Size 42 Percent YTD to 45 Hotels. Company Adds 16 Hotel Acquisitions, One Third-Party Management Contract YTD.
ATLANTA -- Hospitality Ventures Management Group (HVMG), an Atlanta-based, private hotel investment, ownership and management company, today announced it is on pace for a record growth year in 2018, having completed the acquisition of 16 hotels year to date, plus one third party management contract totaling 2,412 rooms nationwide.
2018 is off to a great start from an operating results standpoint as well. "HVMG's performance continue to outpace most of the industry. For example, hotels in our portfolio since January 2018 (excluding the three under major renovation) have achieved a same-store total RevPAR increase of 7.7 percent YTD, with an increase in market share of nearly 6 percent. In addition, the average NOI improvement of the 33 hotels sold that we acquired or took over management since 2009 is 109 percent, with the average hold period being 37 months," Cole noted.
Throughout this rapid growth, the company continues to rank highly with its partners and associates. Recently conducted key stakeholder surveys found that 90 percent of our investors would strongly recommend HVMG to other owners, investors and/or asset managers. In addition, 95 percent of brand partners would continue to recommend HVMG as a management company. HVMG also places a strong emphasis on culture and was named the "2018 Top Workplace" by the Atlanta Journal-Constitution. Finally, 95 percent of HVMG general managers would recommend the company as an ideal employer.
"By working hard to live our Purpose which is'To be excellent in all that we do so our associates, guests and partners love us!' along with making talent, relationships and performance the foundation in everything we do, we believe this give us a demonstrable competitive edge resulting in excellent associate scores, guest satisfaction scores and hotel operating results," Cole added.
About Hospitality Ventures Management Group
Hospitality Ventures Management Group is a privately owned, fully-integrated hotel investment and management group that specializes in turning around and repositioning underperforming hotels, as well as maximizing the performance of stabilized hotels. It currently operates 33 hotels in 15 states totaling 7,111 guest rooms. HVMG develops, owns, and operates independent and boutique hotels and resorts, as well as full-service, select-service and extended-stay hotels under the Hilton, Marriott, Hyatt, and IHG brands. Visit www.hvmg.com for more information.