INNVENTURES' GROWTH CONTINUES WITH TWO NEW MANAGEMENT CONTRACTS
Embassy Suites Portland Oregon and Seattle Washington Add to InnVentures' Growing, National Portfolio
NEW YORK, July 16, 2024 /PRNewswire/ -- InnVentures, a division of Highgate that specializes in the management of premium select-service and extended stay hotels, announced today the addition of two hotels to its portfolio. InnVentures will assume management of the Embassy Suites Portland Washington Square, Oregon and Embassy Suites Seattle Bellevue, Washington. The hotels represent 596 keys, the company's third and fourth Embassy Suites under management, and bring the total number of properties managed by InnVentures to 85.
These additions to InnVentures' portfolio build on a period of significant growth for the company. In 2023, InnVentures' portfolio increased by 25 hotels in nine states, including entry into Virginia, South Carolina, North Carolina, Connecticut and Maryland, as well as additional expansion in Florida, Colorado, Washington, and Oregon.
"The Pacific Northwest has been our primary market for over 40 years, and we've continued to flourish throughout Northern California and the Rockies," said David Montrose, Executive Vice President & Head of InnVentures. "Recently, we've been making a push to expand into new markets, such as Florida and the Northeast where we see an opportunity to bring InnVentures' expertise and deliver strong results for our owners. We continue to grow in a disciplined and methodical manner, and in geographies where we can quickly assemble best-in-class talent clusters."
Montrose credits the company's tenured regional team and strong executive leadership with driving operating innovations and helping to build its portfolio. Recent additions to further enhance the team include Dury Kim, Vice President, Revenue & Distribution, who joined the company in 2023. Additionally, Shannon Myers, Vice President, Sales, has been with the company since 1994 and has been recognized with numerous sales awards, including Global Sales Team of the Year and Sales Excellence in Leadership Award; and Rhonda Carr, Vice President, Sales, a twenty-year veteran of InnVentures who has also been a multiyear Hotel Sales Excellence Award winner.
"InnVentures' success is built upon its distinctive brand of operational excellence, optimizing ecommerce strategies to maximize revenue management and a strong, onsite direct sales team. This mix is what has propelled our hotels to increase their market share approximately 15% above the industry average," according to Montrose.
InnVentures anticipates a similar pace of expansion through the balance of 2024, with additional management contracts to be announced later this year, marking entry into additional new markets as well as existing regions.
About InnVentures
InnVentures operates over 85 hotels for the nation's largest REITs, PE firms and individual and family-owned hotels. Throughout its 40-year history, it has developed a highly institutional back office, coupled with a hands-on approach to operations that has contributed to its success. InnVentures was the first franchisee of Residence Inn Hotels (now Residence Inn by Marriott). Marriott International has presented InnVentures with its coveted "Partnership Circle" award multiple times – the highest honor bestowed upon Marriott franchisees – as well as 14 brand "Hotel of the Year" awards. For more information, visit innventures.com.
SOURCE InnVentures
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