REAL ESTATE INVESTMENT, development and management firm VMV Capital recently broke ground on the Extended Stay America Premier Suites Duncan in Duncan, South Carolina. It is the first such property for VMV, led by Vinny Patel as CEO.
The four-story, 88-room hotel is in Spartanburg County between Greenville and Spartanburg near many businesses, including BMW, Michelin, and Spartanburg Regional Healthcare System, according to VMV. Other attractions include the Trapped in the Upstate Escape Rooms, Greer Heritage Museum and several parks. Construction is under way and the hotel is expected to open in summer 2023.
Hotel amenities will include a fitness room and an onsite guest laundry.
“This Extended Stay America Premier Suites is the first of its kind in the VMV Capital portfolio. The in-room amenities create an apartment-style environment for the business and leisure traveler alike, fostering an at-home experience during long-term stays,” Patel said. “The Extended Stay America team is passionate and understands the value these hotels bring to the local community and traveler of tomorrow.”
The Duncan property is an extension of ESA’s brand, said Mark Williams, ESA’s managing director for franchise development.
“The Extended Stay America Premier Suites Duncan will serve the growing demand for extended stay lodging in the area and continues our strategy of growing the brand through franchising,” Williams said. “It is always a pleasure to work with owners like VMV Capital who invest in their own communities and help us continue to meet the growing demand for extended-stay lodging.”
VMV Capital was founded in 2017 and is focused on value-add and opportunistic investment opportunities within the extended-stay hotel sector in the Southeast U.S.
Extended-stay hotels set new performance records for demand, ADR and RevPAR in the third quarter of 2022, according to the latest report from The Highland Group.