HVMG has added four hotels to its portfolio of managed hotels, while Meyer Jabara Hotels has been selected to operate a boutique hotel on Long Island’s North Fork.
HVMG assumes management of four-hotel portfolio
Hospitality Ventures Management Group (HVMG) has assumed management of a four-hotel portfolio of Marriott and Hilton branded hotels located in Atlanta and Durham, NC. Totaling 589 rooms, the additions bring HVMG’s current management portfolio to 48 hotels and convention centers in 17 states, totaling 7,584 guestrooms, with several others under development.
The hotels, which have all been recently constructed are Element Atlanta Buckhead (164 rooms), AC Hotel by Marriott Durham (142 rooms), SpringHill Suites by Marriott Atlanta Downtown (170 rooms) and Tru by Hilton Atlanta Galleria Ballpark (113 rooms).
“With vaccinations increasing and the number of travelers on the rise, owners are seeking proven operators to maximize the value of their assets,” said Robert Cole, president/CEO, HVMG. “Three of these hotels are located in our hometown of Atlanta, bringing our total local portfolio to nine hotels. The Atlanta and Durham properties extend our southeastern presence with a total of 19 hotels in the region. The properties will receive the benefit from economies of scale and shared best practices. With our total portfolio having exceeded 40% GOP margins the past few months, we have similar expectations for these properties.”
Meyer Jabara to manage Long Island hotel
Meyer Jabara Hotels (MJH) has been selected by Atlantic Equity Partners to manage The Menhaden, an independent luxury boutique hotel located in Greenport, NY, on Long Island’s North Fork. The 16-room hotel with nautical decor offers communal galleys, a rooftop bar and deck and an on-site restaurant. It is located near local vineyards, farms, restaurants, breweries and beaches.
The property also features guestroom furnishings by Restoration Hardware, a copy of Moby Dick at each bedside, a complimentary commissary on each floor, a provisioning shop and an open-air electric Moke jeep to transport guests to nearby wineries.
“This property can’t help but to thrive under Meyer Jabara Hotels’ operational excellence,” said Jonathan Hoenig, managing partner, Atlantic Equity Partners. “The market—said to be the ‘New Hamptons’—is on fire. Already under their leadership, we are seeing record-setting ADRs. The former owners did an outstanding job developing this property and brand which we look forward to building upon in the years to come.”