Vinny Patel, CEO of real estate investment, development and management firm VMV Capital, has found success in the Southeastern U.S. hotel market by specializing in the thriving extended-stay segment. In this installment of LODGING’s Owner Series, Patel chronicles how his team’s dynamic partnership with Extended Stay America resulted in the high-performing, new-build Premier Suites Greenville – Spartanburg – I-85 and shares his best practices for maximizing returns in the extended-stay sector.
Vinny Patel’s hospitality journey began in Birmingham, England and ultimately led to the Southeastern U.S., where he founded VMV Capital, a real estate investment, development and management firm focused on the extended-stay sector. His love of hospitality was sparked while working in his parents’ convenience store in Birmingham. “We lived in an apartment above it, so there was no escaping the long hours and hard work required to operate the store. But this exposed me very early to the hospitality industry, in the sense that you have hundreds of strangers walking through your door every day, and your aim is to please them so they return,” he explained. Patel eventually moved to Charleston, South Carolina, where he worked as a valet at a five-star hotel while in college, “which showed me the joy of being part of a travel experience,” he recounted. After graduation, he landed jobs as a project assistant in the design and construction department of JHM Hotels, followed by a position at a real estate private equity firm in New York City, and “the rest, as they say, is history.”
A career milestone came in 2018, when Patel launched VMV Capital, serving as its CEO along with President Viren Patel and COO Mike Bhula. The company’s latest property is the newly built Extended Stay America Premier Suites Greenville – Spartanburg – I-85, opened in December 2023. The 88-room hotel exemplifies the advantages of investing in extended stay, including “strong GOP and ROI margins, driven by low operating expenses,” said Vinny Patel. The strong fundamentals are also driven by the ongoing high demand in the sector. “Extended stay fills a white space between your conventional, short-term, transient lodging and traditional long-term apartment leases,” Patel explained. “We felt that there was quite a big white space there, which has proven to be true given the number of brands that have come out targeting the same market segment.”
Extended Stay America (ESA), a franchisor that pioneered the extended-stay model, introduced the Premier Suites brand in 2021, offering upgraded amenities such as an enhanced healthy breakfast, larger TVs, increased storage space, and a signature bedding package. “The Premier Suites prototype has an inviting, fresh look and is more elevated than many of the extended-stay product offerings,” Patel said. “Also, the brand itself has amazing recognition among travelers. It has a large presence of properties across the nation, and ESA itself has been established for 30 years. So that attracted us to it.”
Robust Brand Support
In addition to offering an efficient and attractive prototype, a great franchisor is distinguished by the services they provide developers, and the highly experienced ESA team began supporting VMV Capital at the construction phase. “The construction team has a wealth of knowledge, having built for several years for their own portfolio, and they were an open book,” Patel said. “In particular, [Director of Construction] Phillip Lee felt like a copilot throughout the entire journey, which helped overcome the inevitable challenges that come along with constructing a hotel. He even invited us—before we had signed our first franchise—to visit a jobsite he was working on down in Savannah to tell us, ‘watch out for this, watch out for that.’ In addition, the ESA IT department spent countless hours on conference calls between us and multiple vendors to ensure we were ready for opening. On the operation side of things, the preopening team had a well-structured process that helped us keep on track via regular calls focused on preopening activities, including IT staffing and sales and marketing efforts.” Patel added that even after the hotel opened, the ESA IT team assisted with property management questions.
Solid RevPAR
The Extended Stay America Premier Suites Greenville – Spartanburg – I-85 has proven a strong performer since its debut. “The ramp-up was slow given the December holidays, but when we got into Q1 of last year, things took a positive turn, and we were able to surpass our underwriting for the first year,” he said. “And we’re expecting to close 2025 with a double-digit percentage increase in RevPAR.” Choosing a site that draws extended-stay clientele has been part of the reason for that success. Greenville–Spartanburg has a vibrant manufacturing industry, and many construction contractors are taking advantage of the new lodging choice in an area that had been lacking in quality extended-stay options. Moreover, “Greenville–Spartanburg is experiencing the tailwinds of the greater trend of southern migration of the U.S. population. It’s part of the Sun Belt growth, which is impacting all asset classes,” Patel explained. “It’s also situated halfway along the booming I-85 corridor and makes a perfect logistical hub, particularly for the movement of goods through the Port of Charleston.”
Extended-Stay Best Practices
In Patel’s experience, the first priority for the extended-stay developer is to “select the right brand and stick to the prototype and business model of whichever brand you choose,” which helps to set consistent guest expectations across locations, he advised. “And then, the key to long-term success is a superior management of the asset, which greatly differs from your typical select-service hotels. One should spend time to deeply understand those nuances to really excel in extended stay.”
Many of the nuances apply to the sales process of attracting true extended stay guests—those staying seven nights or more. Patel noted the specialized strategies his company employs to ultimately drive strong returns, including:
• Building partnerships with companies needing long-term hotel accommodations
• Highlighting their hotel’s amenities and value proposition for extended-stay guests
• Showcasing a “home away from home” experience with in-person tours and offering incentives to take those tours
“We maintain a hands-on sales and marketing approach, actively engaging in the field and community to foster strong relationships and loyalty,” he added. “Our success is built on a foundation of sales-oriented leaders at both corporate and property levels with ongoing training and monitoring of ever-evolving consumer needs and identifying trends in the traveler.”
While trends in the travel market are important to observe, Patel’s team also focuses on the characteristic needs of true extended-stay guests, who represent a predictable revenue stream for his properties. The fewer check ins/outs of these guests goes hand-in-hand with streamlined operations, an essential ingredient in the extended-stay business model. On the operations side, VMV Capital’s formula for excellence also includes:
• Ensuring exceptional, authentic guest experiences
• Implementing disciplined, strategic financial management
• Taking a proactive, hands-on approach to property maintenance and continuous reinvestment into the asset to optimize product offering
• Investing in talent development and fostering a strong company culture daily
Nurturing talent and developing a culture that promotes retention are key to success in all sectors of the hotel industry, including extended stay. “Our superior hotel management stems from strategically placing talent where they can thrive,” Patel stressed.
The ESA Premier Suites Greenville – Spartanburg – I-85 itself is thriving thanks to these sales and operational best practices. And while that success can be attributed to VMV Capital as a highly experienced owner/operator, the efficient Premier Suites prototype and the hands-on support from the ESA team at all phases beginning with construction were integral. The partnership has paved the way to high performance in the extended-stay market.
