HVMG Hotel Buy Plays to Atlanta Roots

ATLANTA—Hospitality Ventures Management Group (HVMG) just snapped up a joint venture interest in Embassy Suites Atlanta – Galleria. Financial terms of the deal were not disclosed.

“Even though we have hotels nationwide from Maine to California, we have extensive roots and history in Georgia, as evidenced by our Atlanta corporate office location and three other hotels in the state,” says Robert S. Cole, president and CEO of HVMG. “The Embassy Suites Atlanta – Galleria will benefit tremendously from the economies of scale that we offer and our extensive market knowledge. The property represents our fifth Embassy Suites acquisition and 20th Hilton branded hotel."

The hotel sits in northwest Atlanta's Galleria district within walking distance of the Cobb Galleria Centre, Cobb Energy Performing Arts Centre, and Atlanta Galleria Office Park. The Embassy Suites Atlanta – Galleria also close to businesses like Home Depot, Coca-Cola, IBM, Lockheed, and Travelport. SunTrust Park, the future home of the Atlanta Braves starting with the 2017 season, is under construction nearby.

“HVMG has a proven track record as an expert operator of Embassy Suites in general and in particular, hotels that need meaningful renovations and repositioning," says Richard Jones, senior vice president and COO of HVMG. “We are adept at quickly ramping up properties to become marketplace leaders.”

HVMG will also manage the hotel. The firm's managed hotel portfolio consists of 42 hotels in 16 states nationwide, totaling 8,060 rooms.

“2014 was a record year for HVMG in terms of operating results as we achieved 10% same store RevPAR growth and grew market share as well, and early metrics indicate that 2015 will be another banner year,” says Cole. “We will continue to seek hotels in markets that can benefit from capital improvements and HVMG's unique operational systems and practices."