Hospitality Ventures Management Group (HVMG) Steps Up Management and Receivership of Lender-Owned Real Estate (REO)
ATLANTA–(BUSINESS WIRE)–Hospitality Ventures Management Group (HVMG), a private Atlanta-based hotel investment, ownership and management firm, today announced that it has begun to ramp up its management and Real Estate Owned (REO) escrow with the addition of two foreclosed IHG franchise hotels in Killeen, TX. The company expects its lender support role to continue to grow as industry RevPAR levels remain at about half of 2019 performance levels and a continued rise in COVID infections -19 continues.
“After about nine months of steep declines in the hospitality industry, we are seeing the start of the cycle when CMBS lenders and special services, local banks and debt funds seek seasoned and responsive operational expertise,” said Robert Cole. , President and CEO, HVMG. . “These financial entities need turnaround management experts to maximize asset value as much as possible while maintaining cash and we are seeing ‘what’s next’ for the industry.” From the early stages of the pandemic, HVMG responded quickly and decisively as the travel industry rapidly declined, positioning our hotels to outperform all key industry metrics. Having overcome economic difficulties in previous cycles, HVMG can provide the professional hotel services needed to cross this low point and generate as much market share and cost savings as possible.
“We have the organizational strength in place to take on troubled assets literally overnight and can develop and implement a flexible and efficient business plan. We are immediately focused on prudently reducing costs, reinvigorating sales, managing revenue and marketing efforts, implementing and ensuring proper safety protocols, motivating associates and implementing our ‘Be Excellent’ culture,” added Cole.
About Hospitality Ventures Management Group
Hospitality Ventures Management Group is a private, fully integrated hotel management and investment group specializing in the turnaround and repositioning of underperforming hotels, as well as maximizing the performance of stabilized hotels. It currently operates 47 hotels and convention centers in 17 states totaling 7,638 rooms. HVMG operates independent and boutique hotels and resorts, as well as full-service, select-service and extended-stay hotels under the Hard Rock, Hilton, Hyatt, Marriott and IHG brands. To visit www.hvmg.com for more information.