EVERGREEN HOSPITALITY DEVELOPMENT Group in November opened a Residence Inn by Marriott in Vancouver, Washington. It is one of nine hotels the Asian American owned company plans to develop and manage in Vancouver and Portland, Oregon.
Alkesh Patel is founder, chairman and CEO of Evergreen Hospitality of Battle Ground, Washington. A former AAHOA chairman, Patel established Evergreen Hospitality with Mekund “Bobby” Patel in 2015 after the pair sold their hotel and commercial real estate assets and formed the company dedicated to new hotel development and management.
Bobby Patel is Evergreen’s CFO based in Atlanta.
Their goal is to build 20 hotels in 10 years and create $300 million in asset value for investors. They are halfway there.
In a November 2018 news story in Asian Hospitality, Alkesh Patel said the company will reassess its strategy in 2020. If the industry is slowing, it might scale back its development plans.
The Residence Inn by Marriott Portland-Vancouver opened on Nov. 7. The upscale extended-stay hotel has 87 suites. Amenities include an indoor pool and an outdoor barbeque pit.
Evergreen next plans to build a 113-room Hyatt Place in downtown Vancouver. It expects to break ground early next year. It is also building hotels in Idaho and Nevada.
Evergreen has established an EB-5 regional center. EB-5 is a federally sanctioned investment program that attracts foreign investors in exchange for a green card.
In August, Richmond, Virginia-based KM Hotels under the leadership of President and COO Mayur Patel opened the Residence Inn Tuscaloosa.