Extended stay properties in hotel portfolio sale

George Sell By George Sell
6 days ago | Updated 6 days ago

US: Hospitality Ventures Management Group and Investra Capital have completed the joint-venture acquisition of a 12-hotel portfolio totalling 1,465 rooms.

The portfolio is made up of Marriott- and Hyatt-branded hotels across the south-eastern, south-western and midwestern United States. HVMG will operate the entire portfolio, which includes two Fairfield Inn & Suites, properties, a Residence Inn and a Hyatt House.

"As we grow our footprint into the US, 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," said Mobeen Jassat, principal and CEO of Investra Capital. "With their successful industry track record in maximising 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."

"In the first few months of 2018, HVMG has added 16 hotels totalling 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," said Robert S. Cole, president and CEO of HVMG. "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:
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," said Cole. "We are very familiar with each of these brands, as well as the unique demands of each of the regions and traveller types, allowing us to improve bottom lines and guest satisfaction scores expeditiously."

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