HOSPITALITY VENTURES MANAGEMENT Group of Atlanta on Jan. 8 announced it sold the 261-suite Embassy Suites by Hilton Atlanta – Galleria.
It will continue to manage the hotel, which is near the new SunTrust baseball stadium, shopping centers, fine arts venues and corporate headquarters of several international and national businesses, including Home Depot, IBM, Travelport and RaceTrac convenience stores and gas stations. The hotel is just off interstates 75 and 285.
Hospitality Ventures Management’s history with the upscale full-service hotel includes acquiring a joint venture interest in March 2015. At that time, the company viewed the investment of the then under-performing hotel as a “true value add play,” said Mary Beth Cutshall, executive vice president of acquisitions and business development.
In December 2016, the company completed an extensive 12-month $11.7 million renovation which included a reconfiguration of the brand’s signature atrium and lobby and the addition of a restaurant, E’terie. The management company increased the hotel’s revenue from $10 million to $13.4 million, raised its net operating income by 107 percent and increased ADR by 27 percent.
Robert S. Cole, president and CEO of the management company, said, “With our home base and four additional hotels in the city, Atlanta is a strategic location for our company. We have the market intelligence and operational economies of scale to maximize hotel profits and deliver investor return.”
The sale of the Atlanta hotel is the second transaction for Hospitality Management Ventures within one month. On Dec. 11, the company announced it sold the 146-suite Embassy Suites in downtown Winston-Salem, North Carolina. It also will retain management of the property.