Agreement Marks Fifth Atlanta Agreement Signed in 60 Days
Hospitality Ventures Management Group (HVMG), an Atlanta-based, private hotel management and investment company, today announced that it has taken over management of the 174-room DoubleTree by Hilton Hotel Atlanta - Roswell. This marks HVMG’s fifth Atlanta hotel announced in the past 60 days, bringing the company’s Atlanta-based portfolio to 12 out of 52 hotels nationwide and the tenth new hotel transaction since July.
“With the recent addition of the 344 room Marriott Atlanta Perimeter Center, we continue to expand our operating platform in our hometown of Atlanta,” said Robert Cole, president & CEO, HVMG. “As we set our sights on additional growth, we will continue to partner with leading owners with both branded and independent hotels and resorts nationwide. Having worked through multiple downturns in the past, HVMG is uniquely positioned to maximize asset values as the industry continues the climb back from the impact of COVID-19.”
Situated a half mile from Georgia Highway 400 at 1075 Holcomb Bridge Road, the DoubleTree by Hilton Hotel borders Alpharetta in the North Atlanta suburb of Roswell. Local area attractions include Historic Downtown Roswell, the Chattahoochee River National Recreation Park, Avalon and the Ameris Bank Amphitheatre. Hotel amenities include an outdoor pool, fitness center, shuttle service within five miles, state-of-the-art business center, complimentary Wi-FI, more than 12,000 square feet of meeting space and the famous DoubleTree chocolate chip cookie upon arrival. Guests are invited to dine at the onsite Dogwood Café, featuring healthy “functional foods” alongside steaks and other American fare, or grab a drink and appetizers at the Dogwood Lounge.
“HVMG’s expert knowledge of the hospitality industry in general and Atlanta in particular, made the partnership an obvious choice,” said Norman Radow, managing director of RADCO, the DoubleTree’s new owner. “Atlanta and the surrounding region are growing faster than other markets, and there is a compelling need for good quality yet value priced hotel experiences. HVMG can give us that quality service and at a price our customers can afford. We are excited about our new partnership!” RADCO’s investment plans for the asset include a $6.25 million/$36k per key capital improvement plan largely consisting of upgrades and modernization of the guestrooms and guest bathrooms, common areas, mechanicals, and technology to maintain quality and brand standards.
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. It currently operates 52 hotels and one convention center in 17 states totaling 8,300 guest 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. Visit www.hvmg.com for more information.
About RADCO Companies
RADCO was founded in 1994. Based in Atlanta, RADCO is a national real estate company that specializes in the acquisition and redevelopment of value-add multifamily and hospitality investments across the Southeast and Central US. Over the past 10 years, the firm has acquired and invested in approximately 30,000 units in 15 markets and completed more than 80 deals totaling $2.95 billion. For more information, please visit https://www.radco.us.