InnVentures, a division of Highgate that specializes in the management of premium select-service and extended-stay hotels, has added two hotels to its portfolio. InnVentures will assume management of the Embassy Suites Portland Washington Square in Tigard, OR, and Embassy Suites Seattle Bellevue in Bellevue, WA. The hotels represent 596 keys, the company’s third and fourth Embassy Suites under management, and bring the total number of properties managed by InnVentures to 85.
These additions to InnVentures’ portfolio build on a period of significant growth for the company. In 2023, InnVentures’ portfolio increased by 25 hotels in nine states, including entry into Virginia, South Carolina, North Carolina, Connecticut and Maryland, as well as additional expansion in Florida, Colorado, Washington and Oregon.
“The Pacific Northwest has been our primary market for more than 40 years, and we’ve continued to flourish throughout Northern California and the Rockies,” said David Montrose, EVP/head of InnVentures. “Recently, we’ve been making a push to expand into new markets, such as Florida and the Northeast where we see an opportunity to bring InnVentures’ expertise and deliver strong results for our owners. We continue to grow in a disciplined and methodical manner, and in geographies where we can quickly assemble best-in-class talent clusters.”
He added, “InnVentures’ success is built upon its distinctive brand of operational excellence, optimizing e-commerce strategies to maximize revenue management and a strong, onsite direct sales team. This mix is what has propelled our hotels to increase their market share approximately 15% above the industry average.”
The company anticipates a similar pace of expansion through the balance of 2024, with additional management contracts to be announced later this year, marking entry into additional new markets as well as existing regions.