Hospitality Ventures Management Group (HVMG), an Atlanta-based, private hotel investment, ownership and management company, in conjunction with Investra Capital Group through its subsidiary Investra Capital, a private equity real estate investor and asset manager, have completed a joint venture acquisition of a 12-hotel portfolio totaling 1,465 rooms. A purchase price was not disclosed.
The portfolio comprises Marriott- and Hyatt-branded hotels across the Southeastern, Southwestern and Midwestern United States. HVMG also will operate the entire portfolio.
Both firms “remain focused on assets in strong secondary and tertiary markets flanked by strong corporate, government, healthcare and university demand generators,” said Mobeen Jassat, Investra Capital Inc.’s CEO.
The 12 hotels in the portfolio include:
|
Name
|
Location
|
Room Count
|
| Courtyard Atlanta Marietta I-75 North |
Marietta, Ga. |
146 |
| Courtyard Atlanta Norcross Peachtree Corners |
Norcross, Ga. |
131 |
| Courtyard Atlanta Marietta Windy Hill/Ballpark |
Atlanta, Ga. |
127 |
| Courtyard Austin University |
Austin, Texas |
198 |
| Fairfield Inn & Suites Austin University |
Austin, Texas |
63 |
| Courtyard Dallas Addison Midway |
Addison, Texas |
145 |
| Hyatt House Dallas Richardson |
Richardson, Texas |
130 |
| Courtyard Grand Rapids Airport |
Grand Rapids, Mich. |
84 |
| Courtyard Detroit Southfield |
Southfield, Mich. |
147 |
| Fairfield Inn & Suites Indianapolis Airport |
Indianapolis, Ind. |
86 |
| Residence Inn Indianapolis Airport |
Indianapolis, Ind. |
95 |
| Courtyard Cleveland Beachwood |
Beachwood, Ohio |
113 |
“The acquisition of these 12 assets brings Investra’s portfolio to a total of 20 hospitality assets across the U.S. since its initial acquisition in 2014,” said Zaid Randeree, Investra Capital Group Limited’s CEO. The acquisition is also in line with Investra’s strategy of acquisition and growth of assets in the select service hospitality sector across the United States, said Randeree.
“In the first few months of 2018, HVMG has added 16 hotels totaling 2,611 rooms to its portfolio of full- and select-service and extended-stay hotels across the United States,” said Robert Cole, president and CEO of HVMG.
With the addition of the 12 hotel assets, HVMG’s portfolio “now contains a combined total of 25 Marriott- and Hyatt-flagged hotels across the United States,” according to Cole.
