ATLANTA--(BUSINESS WIRE)--Hospitality Ventures Management Group (HVMG), an Atlanta-based, private hotel management company, today revealed that it has more than $200 million in its current development and construction pipeline. The assignments are a mixture of new build and renovation projects.
“With the hotel industry enjoying some of its highest periods of occupancy and ever increasing ADR, savvy hoteliers are getting ahead of the game by either building new product or improving what already is in the portfolio to meet the demands of today’s travelers,” said Robert S. Cole, HVMG president and CEO. “The leading industry experts continue to predict robust industry growth in the near term. We are positioning our strategy and portfolio to maximize this growth.”
HVMG has the following projects in its pipeline:
1. SpringHill Suites Orange Beach—Located at the Wharf, an 80,000 square foot, mixed-use entertainment destination in Orange Beach, Ala., the new build hotel began construction in June 2015, with the grand opening scheduled for the spring 2016.
2. Hilton Houston Southwest—HVMG is overseeing an extensive renovation of the hotel, including guest rooms, public space and exterior upgrades. As part of the value-add repositioning strategy, HVMG has developed a new concept for the lobby bar and restaurant called “Veranda,” offering a creative menu of classic American cuisine and a cocktail program featuring fresh and natural ingredients.
3. Embassy Suites Atlanta Galleria— Situated near the new home of the Atlanta Braves, the hotel has just embarked on a major renovation that will encompass a complete redesign of all guest rooms, the Atrium, meeting space and the building’s exterior. The hotel also will introduce Hilton’s new food and beverage program, E’terie. The project is expected to be finished by the spring of 2016.
4. Marriott Greensboro--Acquired by HVMG in December 2014, the 300-room, full-service hotel located at the Piedmont Triad International Airport will receive extensive guest room and exterior improvements, featuring a state-of-the-art design of the new Marriott guest room. Renovations have just started and will conclude in the summer of 2016.
5. Hotel Indigo Downtown Denver (LoDo)—Currently under construction, the 188-room hotel is expected to open in Dec. 2016. Located within Union Tower West, a 200,000 square foot mixed-use, office/retail space development, the hotel is adjacent to Denver Union Station. Upon opening, the hotel will feature approximately 1,950 square feet of meeting space, a fitness center, business center, bar and restaurant.
6. Hotel Indigo Atlanta Downtown—With a planned opening date of Dec. 14th, 2015, the under construction hotel will welcome guests with 206 rooms, high end specialty bar & restaurant and approximately 5,000 square feet of meeting space.
7. O4W boutique hotel project—The 140-room, high-end hotel is expected to open in the fourth quarter of 2018 in the thriving Old Fourth Ward district of Atlanta. Located at the intersection of Irwin Street and Auburn Avenue, the Atlanta BeltLine’s first hotel will have direct access to the Eastside Trail and be within walking distance of the Martin Luther King, Jr. Historic Site, Krog Street Market and the Inman Quarter.
In addition to the major projects noted above, HVMG has earmarked approximately $20 million for significant improvements to nine other assets in its portfolio.
About Hospitality Ventures Management Group
Hospitality Ventures Management Group is a privately owned, fully-integrated hotel investment and management group that specializes in turning around and repositioning underperforming hotels, as well as maximizing the performance of stabilized hotels. It currently operates 31 hotels in 15 states totaling 6,448 guest rooms. 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 brands. Visit www.hvmg.com for more information.