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Hospitality Ventures Administration Group (HVMG), an Atlanta-based third-party resort operator and investor, right now introduced that the corporate added 15 new motels in 2023 to its portfolio of select-service, full-service and resort properties. Most of those additions are Marriott, Hilton, and Hyatt manufacturers. HVMG additionally continues so as to add important sources to its platform because it executes its progress technique.
Regardless of the numerous drop off within the variety of {industry} acquisitions and transactions in 2023, HVMG had probably the greatest years in our historical past as homeowners proceed to hunt confirmed operators and consolidate the variety of managers they’ve of their portfolio. A lot of this progress has been pushed by our portfolio-wide market share efficiency progress and considerably better-than-industry-average movement via and working margins. For the yr, HVMG’s achieved a company-wide 112% market share and same-store, year-over-year RevPAR Index progress of 4.8%. This marks the seventh yr within the final eight the place we grew same-store market share. This share progress efficiency led to a rise in same-store RevPAR of 12% over 2022 in comparison with 4.9% for the {industry} per the January 18th CoStar press launch. Robert Cole, CEO, HVMG
As well as, HVMG achieved a flow-through of 39% of its improve in complete income to the GOP line, in comparison with the {industry} common of 20%, in response to CBRE’s November 2023 survey of U.S. resort working statements. Regardless of the slow-down within the transaction market, the corporate’s pipeline stays very energetic, primarily with homeowners who’re within the course of of constructing or evaluating a change in operators.
With these new motels, HVMG prolonged its geographic attain and opened up important profession and promotion alternatives for our almost 3,000 associates,
Cole added. We look ahead to constructing upon this momentum as we head in to 2024. Regardless of a few of the macro-economic headwinds we face as an {industry}, quite a few inside information factors, notably our portfolio-wide group tempo, level to a different optimistic yr. We’re presently forecasting to double the most recent projected {industry} large RevPAR progress in 2024.
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