GREENSBORO, NC—Hospitality Ventures Management Group reports it has completed the acquisition of the 299-room Greensboro-High Point Airport Marriott. The Atlanta-based company will manage the hotel, increasing its managed portfolio to 38 hotels and 7,194 rooms in 15 states nationwide.
Located at One Marriott Drive, adjacent to the Piedmont Triad International Airport, the Greensboro-High Point Airport Marriott will undergo an $11-million renovation to update meeting space and guest rooms, Hospitality Ventures states. No financial terms of the purchase transaction were disclosed.
“With its prime airport location and high barriers to new competition, the Greensboro-High Point Airport Marriott is a perfect fit with our growing portfolio of owned and managed hotels," says Robert S. Cole, HVMG president and CEO. “2014 marks our fourth year of consecutive double-digit portfolio growth and the single best year in our 14-year history. We continue to have a healthy appetite for additional hotel acquisitions, new development and third party management and believe 2015 will present similar opportunities for further growth.”
“This Marriott underwent a renovation of nearly $6 million in 2012,” Cole adds. “Following the completion of this second wave, the hotel will be in 'like-new' condition and the most recently renovated full-service hotel in the area, making it the ideal hotel for group business and corporate transient travelers to the Greensboro area.”
HVMG operates independent and boutique hotels, and resorts, as well as full-service, select service and extended stay hotels under the Hilton, Marriott, Hyatt, Starwood and IHG flags.
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