Company Closes 2022 Strong with Industry Leading Results, Multiple Awards and Excellent Owner Satisfaction Results
Hospitality Ventures Management Group (HVMG), an Atlanta-based, private hotel investment, ownership and management company, today announced that it has maintained the forward momentum it experienced in 2022 as evidenced by multiple factors, including industry leading RevPAR Index growth, numerous awards and overwhelmingly positive results from stakeholder satisfaction surveys.
“HVMG made great strides in 2022, from outpacing the industry in key performance metrics to receiving external recognition for our efforts,” said Robert Cole, president and CEO, HVMG. “We are humbled to be recognized by organizations such as the Atlanta Journal Constitution to TripAdvisor’s Traveler’s Choice. Of equal, if not greater importance to us, we received extremely positive responses from our annual owner, brand and associate satisfaction surveys. Fortunately, we’ve been able to continue this momentum into 2023, and despite macro economic headwinds, we remain optimistic on the outlook for the remainder of the year.”
Industry Leading Results
HVMG outpaced the industry in RevPAR growth during 2022, as same-store market share grew 6.9%, capping off the company’s eighth straight year of positive consolidated Index growth. That outperformance has continued into 2023 with same-store RevPAR growth forecasted to increase 30% over 2022 in the first quarter. Same-store consolidated RevPAR Index growth is up 8% YTD over 2022. Finally, HVMG currently is forecasting 2023 same-store RevPAR to be up 19% vs 2019.
Owner and Associate Satisfaction Results
HVMG surveys its stakeholders, including owners, brand partners and associates, annually to determine how effectively the company meets stakeholder needs through cross-functional thought leadership, communication and support provided. 2022 resulted in two particularly strong measures. Portfolio-wide, general managers voiced a 96% (9.6 on a scale of 1-10) likelihood to recommend others to work for HVMG, while its brand partners recorded a 98% likelihood to recommend HVMG as a franchisee and/or manager. Finally, HVMG achieved a 94.3% Excellence Rating from property owners.
“One of the things we take great pride in is when the people who know us the best tell us they truly enjoy doing business with us,” Cole noted. “Having our associates, our owners and our brand partners positively rate the relationship which we have worked so diligently to build is very rewarding. As further testament to the excellent work our property-level associates do, 85% of our hotels received TripAdvisor’s coveted Certificate of Excellence in 2022.”
HVMG continued to take forward steps to stay ahead of its competitors in the fast changing and important realm of business analytics. The company is investing heavily in next generation technology to capitalize on the large amount of data available internally. Thus far, HVMG has committed more than $500,000 in data warehouse architecture and visualization tools since 2021, with plans to invest further. HVMG also recently named Cory Chambers to the newly created role of senior vice-president, business intelligence & chief commercial officer to oversee implementation of BI initiatives. “As we continue to focus on growing our nationwide, third-party operated hotels portfolio, we are taking an aggressive approach to further expand our real-time analytical capabilities and to produce predictive analytics to support our owners as they evaluate their strategic options.” Cole said.
“We maintain a very active pipeline, with more than 10 hotels expected to transition in the coming months,” Brian Young, EVP and chief investment officer stated. “From new builds and acquisitions to change of management, most of these hotels are in markets in which we are well versed. We are confident we can deliver strong top line and bottom line results to our partners needed to attain their investment objectives."
About Hospitality Ventures Management Group
Hospitality Ventures Management Group is a privately owned, fully integrated hotel investment and management group that specializes in turning around and repositioning underperforming hotels, as well as maximizing the performance of stabilized hotels. HVMG currently operates 53 hotels and one convention center in 16 states totaling over 8,500 guest rooms. HVMG operates independent and boutique hotels and resorts, as well as full-service, select-service and extended-stay hotels under the Marriott, Hilton, Hard Rock, Hyatt and IHG brands. Visit www.hvmg.com for more information.
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