Hospitality Ventures Embarks on $110M in Renovations
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Atlanta—The thriving U.S. hotel sector has translated into a full plate for Hospitality Ventures Management Group. The private hotel ownership and management company, which also provides a wide range of asset services for hotel owners, recently revealed that it is currently juggling eight renovation and construction projects totaling $110 million.
“Today’s hospitality market is more compeitive than it’s ever been, particularly as the various hotel companies develop and launch new hotel products in a continual effort to increase brand loyalty and increase market share within the various industry segments. With today’s business and leisure travelers increasingly more concerned with convenience and ‘experience’ over brand loyalty, this is unlikely to change in the foreseeable future,” John Edwards, industry veteran and vice president of design and construction with Hospitality Ventures Management Group, told Commercial Property Executive. “An established ‘name’ becomes less important than the newer, fresher and experiential properties that offer something more interesting and entertaining. This exerts a great deal of pressure on existing, older properties to remain relevant”…
