ATLANTA, Ga.—Hospitality Ventures Management Group (HVMG)—an Atlanta-based, private hotel investment, ownership, and management company—in conjunction with Investra Capital Group, Ltd., through its subsidiary Investra Capital Inc.—a private equity real estate investor and asset manager—completed a joint venture acquisition of a 12-hotel portfolio with 1,465 rooms in total. The hotels are comprised of Marriott- and Hyatt-branded properties across the Southeastern, Southwestern, and Midwestern United States. HVMG will operate the entire portfolio.
“As we grow our footprint into the United States, 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, CEO of Investra Capital Inc., says. “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.”
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Name
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Location
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Room Count
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Courtyard Atlanta Marietta I-75 North
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Marietta, Ga.
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146
|
|
Courtyard Atlanta Norcross Peachtree Corners
|
Norcross, Ga.
|
131
|
|
Courtyard Atlanta Marietta Windy Hill/Ballpark
|
Atlanta, Ga.
|
127
|
|
Courtyard Austin University
|
Austin, Texas
|
198
|
|
Fairfield Inn & Suites Austin University
|
Austin, Texas
|
63
|
|
Courtyard Dallas Addison Midway
|
Addison, Texas
|
145
|
|
Hyatt House Dallas Richardson
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Richardson, Texas
|
130
|
|
Courtyard Grand Rapids Airport
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Grand Rapids, Mich.
|
84
|
|
Courtyard Detroit Southfield
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Southfield, Mich.
|
147
|
|
Fairfield Inn & Suites Indianapolis Airport
|
Indianapolis, Ind.
|
86
|
|
Residence Inn Indianapolis Airport
|
Indianapolis, Ind.
|
95
|
|
Courtyard Cleveland Beachwood
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Beachwood, Ohio
|
113
|
“The acquisition of these 12 assets brings Investra’s portfolio to a total of 20 hospitality assets across the United States since its initial acquisition in 2014,” Zaid Randeree, CEO of Investra Capital Group Limited, says. “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 a historic growth year,” Robert S. Cole, president and CEO of HVMG, says. “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.”
“With these additional 12 assets, our portfolio now contains a combined total of 25 Marriott- and Hyatt-flagged hotels across the United States,” Cole notes. “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.”
Top photo: Courtyard by Marriott Cleveland Beachwood
