ATLANTA--(BUSINESS WIRE)--May 28, 2024--
Hospitality Ventures Management Group (HVMG), an Atlanta-based third-party hotel operator and investor, today provided results for the company’s first quarter of 2024, including the addition of three, new third-party hotel management agreements and above-industry average results in revenue per available room (RevPAR) and RevPAR growth. Additionally, the company named Heidi Nielsen vice president of business development.
“With the addition of these three hotels, HVMG remains on track to maintain 20% annualized growth,” said Robert Cole, president and chief executive officer. “Year-to-date, we continue to outperform our competitors, providing additional value to our owners. HVMG’s year-to-date RevPAR Index exceeds 110% up 3.5% YTD. Our market share premium coupled with how much of the increase in total revenue flowed to GOP line has driven incremental asset value of hotels under management by approximately $60 million over the trailing 12-month period.”
The three new hotels include:
1. The 30-unit (22 four-bedroom villas and eight single unit hotel rooms) Islands of Islamorada in Islamorada, Fla.
2. The 158-suite Homewood Suites St. Louis Galleria in Richmond Heights, Mo.
3. The 128-suite TownePlace Suites Brentwood in Brentwood, Mo.
Heidi Nielsen Named VP of Business Development
“With nearly two decades of hospitality experience, Heidi has worked in virtually all markets, segments and classes of the industry, providing her with an unparalleled network and in-depth know-how that makes her the ideal candidate to help HVMG source and complete more deals,” said Mike “Woody” Woodward, EVP and chief growth officer.
A nearly 20-year hospitality veteran, Nielsen most recently was vice president of asset management and investments for Meyer Jabara Hotels, where she underwrote all potential deals, including new construction, acquisition and third-party management. Previously, she was managing director for HVS Consulting and Valuation. While there, she worked in markets across the U.S. and completed more than 1,500 assignments. A regular panelist at industry events, Nielsen also has served as an executive board member of the College of Charleston’s HTMT program and is part of The Goldie Initiative mentorship program. She received her Bachelor of Science in Business Administration with a concentration in Hospitality and Tourism Management from the College of Charleston.
“HVMG made an immediate, positive impression upon me through their obvious desire for intelligent, measured growth, as well as the Be Excellent culture they truly implement among associates,” Nielsen said. “I look forward to utilizing my industry knowledge and contacts to help the company achieve its next phase of growth.”
About Hospitality Ventures Management Group
Hospitality Ventures Management Group is a privately owned, fully integrated hotel management and investment group that specializes in turning around and repositioning underperforming hotels, as well as maximizing the performance of stabilized hotels. HVMG currently operates 56 hotels and one convention center in 18 states totaling more than 9,300 guest rooms. HVMG operates independent and boutique hotels and resorts, as well as full-service, select-service and extended-stay hotels under the Marriott, Hilton, Hyatt, Hard Rock, and IHG brands. Visit www.hvmg.com for more information.
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SOURCE: Hospitality Ventures Management Group
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PUB: 05/28/2024 08:55 AM/DISC: 05/28/2024 08:56 AM
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