ATLANTA—Hospitality Ventures Management Group (HVMG), a private hotel ownership and management company, has acquired two downtown Winston-Salem, NC, hotels: the 315-room Marriott and the 146-room Embassy Suites. They are both adjacent to the Benton Convention Center, which is currently under an $18-million renovation. The company will invest significant capital to enhance the product of both hotels.
“North Carolina continues to be one of the more attractive hotel marketplaces in the U.S., with domestic travelers spending more than $20 billion across the state according to the latest available data,” said Robert S. Cole, HVMG president and CEO. “While the Marriott and Embassy Suites mark our entry into Winston-Salem, they also are our fifth and sixth North Carolina properties, adding greater depth to our state and regional market insights and providing economies of scale we can leverage immediately.”
“We are working a very active acquisitions and development pipeline, with these two properties becoming the fifth and sixth hotels added to our portfolio over the last seven weeks,” Cole added. “2016 is shaping up to be one of HVMG’s most successful growth years in its history. We continue to be optimistic as transaction activities are expected to increase in the second half of 2016, fueled by improving capital markets,” Cole continued.
Located in the downtown area at 425 North Cherry St., the full-service hotel is part of the Twin City Quarter and connected to the 100,000-sq.-ft. Benton Convention Center. Nearby attractions include the Piedmont Triad Research Park, City Hall, Downtown Arts District (DADA), Fourth Street’s restaurant row, Old Salem and the LJVM (Joel) Coliseum.