BOSTON—Sperry Van Ness International Corporation (SVNIC), a commercial brokerage firms in North America with 190 franchise offices serving 500 markets, has joined forces with Raleigh, NC-based Howard Perry and Walston Commercial and Hotel Group (HPW Commercial and Hotel Group) to launch SVN Hotels, a national hotel brokerage franchise headquartered in Raleigh, NC, to work with 25-plus advisors in more than 10 offices throughout the United States.
SVN Hotels will specialize in working with owners and investors of all sizes from large institutions who own multiple properties to private owners who own single assets. Sanjay Mundra, who currently serves as CEO of HPW Commercial and Hotel Group, will serve as CEO of the SVN Hotels brand with Don Walston as chairman.
“We are confident the creation of SVN Hotels will enhance the services we provide to our investor clients by providing a national platform and premier expertise in one of the fastest growing segments of commercial real estate,” said Kevin Maggiacomo, president and CEO of SVNIC. “HPW is the perfect fit for our firm with its superior marketing, innovative technology and long-standing track record in the hotel industry.”
For more than 40 years, the team of HPW Commercial and Hotel Group has been involved in the development, investment, financing, brokerage, management and consulting of a significant number of hospitality projects throughout the United States.
“The hotel investment sales industry is a $40-billion market and we are confident that our new platform can capture five to seven percent of the market over the next five years equating to approximately $3 billion in revenue,” said Mundra. “Our goal is to continue to grow SVN Hotels, adding premier advisors in key markets across the United States.”