Hospitality Ventures Management Group (HVMG) Continues to Generate Industry-Leading Revenue and Operating Results
ATLANTA - Hospitality Ventures Management Group (HVMG), an Atlanta-based, private hotel management and investment company, today announced that it continues to generate industry-leading Gross Operating Profit Per Available Room (GOPPAR) and Gross Operating Profit (GOP) margins as measured by STR data. From June 2020 through March 2021, HVMG’s consolidated portfolio produced a GOPPAR of $15.13 and a GOP margin of 27.3%, compared to industry averages of $7.62 and 11.8%, respectively, for the same period. In the upper upscale segment, the results were even more dramatic as HVMG’s GOP margin for the ten month period was 27.2% versus the industry average of 3.2%.
“HVMG has been able to produce industry-leading results from the very beginning of the pandemic and through the initial stages of recovery by achieving both revenue premiums and lower operating expenses compared to the rest of the industry in all segments, by combining a very strategic and programmatic approach,” said Robert Cole, president & CEO, HVMG. “At the same time, we have emphasized our ‘general-manger-centric’ culture at all our hotels, certainly not an easy balance to achieve. We empower the ‘on-the-ground’ leadership teams to act as ‘CEOs’ to make real-time decisions on a day-to-day and week-to-week basis. We know that our local operational teams are the best-equipped to make the on-the-fly decisions needed in many situations when it comes to revenue, as well as staffing and other decisions that impact operating expenses. HVMG believes that by deploying highly specialized and hands-on resources as support for our hotel teams, they are better able to engage and collaborate which maximizes top and bottom line results. Over 25% of our corporate resources are sales & revenue specialists."
“Our executive team’s extensive hospitality experience positioned us better than most hotel operators to handle the hardships of the COVID-19 pandemic,” Cole added. “Personally, this is the third downturn I’ve been through, and most my team members prevailed these cycles, as well. Though this crisis has been unlike anything the industry has ever experienced in terms of scope and severity, our collective experiences allowed us to understand the importance of quick, decisive and bold decisions, particularly at the property-level. HVMG was built upon the notion that each team member at every level has an impact on our top and bottom line results. This mentality has served both us and our owners well since the onset of the pandemic and in the early stages of recovery.”
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 52 hotels and one convention center in 17 states totaling 8,345 guest rooms. HVMG operates independent and boutique hotels and resorts, as well as full-service, select-service and extended-stay hotels under the Hard Rock, Hilton, Hyatt, Marriott and IHG brands. Visit www.hvmg.com for more information.