Hospitality Ventures Management Group (HVMG) in a joint venture with Investra today announced the completed acquisition of a two-hotel portfolio in Bentonville, Ark., for an undisclosed sum. HVMG, which has operated the hotels for five years on behalf of previous ownership, also will manage the 78-room TownePlace Suites by Marriott Bentonville Rogers and the 130-room Candlewood Suites Rogers/Bentonville and oversee the hotel renovations.
"Our familiarity with these hotels and markets provided us with firsthand knowledge of the strength and upside potential of these assets," said Robert S. Cole, president and CEO, HVMG. "We maintain an aggressive appetite to expand our portfolio and continue to seek out best-in-class partners like Investra to pursue our acquisition and management growth goals."
TownePlace Suites by Marriott Bentonville Rogers
Located at 3100 S.E. 14th Street, the four-floor TownePlace Suites by Marriott Bentonville Rogers is surrounded by a number of leisure and demand generators, including Beaver Lake, Eureka Springs and the Crystal Bridges Museum of American Art, as well as the corporate headquarters for Walmart Stores, Inc., and Tyson Foods, Inc. Each suite is furnished with hardwood floors, marble countertops, flat-screen TVs and DVD players. Further hotel amenities include a complete fitness center and indoor pool. In addition to the numerous restaurants in the immediate area, the hotel's dining options range from a grab-and-go sundry shop to daily, complimentary, hot breakfasts.
Candlewood Suites Rogers/Bentonville
Situated at 4601 West Rozell Street at exit 85 off I-49, the all-suite property is located just 13 miles from The NW Arkansas Regional Airport (XNA) and within minutes of attractions such as the Pinnacle Hills Promenade and Daisy BB Gun Museum. Guest suites come with fully stocked kitchens, upgraded bedding and a large workspace for business needs. The hotel also provides 1,200 square feet of meeting space, which can accommodate up to 80 people, 24/7 business center, complimentary laundry facilities. In addition, there is a fitness center, heated indoor pool and the Candlewood Cupboard, which offers groceries and snacks 24/7.
"HVMG has a sterling reputation as a premier hospitality owner and operator, making them an ideal JV partner and manager for this portfolio acquisition," said Zaid Randeree, CEO, Investra. "We look forward to expanding our partnership with HVMG as we identify additional select-service hotel opportunities in 2018."
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