HVMG Acquires Two Downtown Winston-Salem Hotels
- Aug 01, 2016
By Adelina Osan, Associate Editor
Charlotte, N.C.—Hospitality Ventures Management Group (HVMG) recently acquired two downtown Winston-Salem, N.C., hotels: the 315-key Marriott and the 146-key Embassy Suites. Both assets are adjacent to the Benton Convention Center, which is currently undergoing an $18 million renovation. The company plans to renovate the two newly purchased hotels.
Located at 425 North Cherry St., Winston-Salem Marriott features amenities like an indoor pool, free Wi-Fi, business and fitness centers, as well as 14,000 square feet of flexible event space. Right nearby at 460 North Cherry St., Winston-Salem Embassy Suites offers a swimming pool, fitness room, beauty salon, barber shop, business center and meeting rooms for its guests.
“North Carolina continues to be one of the more attractive hotel marketplaces in the U.S., with domestic travelers spending more than $20 billion across the state according to the latest available data,” said Robert Cole, HVMG president & CEO, in prepared remarks. “While the Marriott and Embassy Suites mark our entry into Winston-Salem, they also are our fifth and sixth North Carolina properties, adding greater depth to our state and regional market insights and providing economies of scale we can leverage immediately.”
“We are working a very active acquisitions and development pipeline, with these two properties becoming the fifth and sixth hotels added to our portfolio over the last seven weeks,” Cole added. “2016 is shaping up to be one of HVMG’s most successful growth years in its history.”
Image courtesy of Winston-Salem Marriott