“HVMG made great strides in 2022, from outpacing the industry in key performance metrics to receiving external recognition for our efforts,” said Robert Cole, president/CEO, HVMG. “We are humbled to be recognized by organizations such as the Atlanta Journal Constitution to TripAdvisor’s Traveler’s Choice. Of equal, if not greater importance to us, we received extremely positive responses from our annual owner, brand and associate satisfaction surveys. Fortunately, we’ve been able to continue this momentum into 2023, and despite macro-economic headwinds, we remain optimistic on the outlook for the remainder of the year.”
HVMG outpaced the industry in RevPAR growth during 2022, as same-store market share grew 6.9%, capping off the company’s eighth straight year of positive consolidated Index growth, the company reports. That outperformance has continued into 2023 with same-store RevPAR growth forecasted to increase 30% over 2022 in the first quarter. Same-store consolidated RevPAR Index growth is up 8% YTD over 2022. Finally, the company currently is forecasting 2023 same-store RevPAR to be up 19% vs 2019.
HVMG surveys its stakeholders, including owners, brand partners and associates, annually to determine how effectively the company meets stakeholder needs through cross-functional thought leadership, communication and support provided. 2022 resulted in two particularly strong measures, according to the company. Portfolio-wide, GMs voiced a 96% (9.6 on a scale of 1-10) likelihood to recommend others to work for HVMG, while its brand partners recorded a 98% likelihood to recommend HVMG as a franchisee and/or manager. The company achieved a 94.3% Excellence Rating from property owners.
“One of the things we take great pride in is when the people who know us the best tell us they truly enjoy doing business with us,” said Cole. “Having our associates, our owners and our brand partners positively rate the relationship which we have worked so diligently to build is very rewarding. As further testament to the excellent work our property-level associates do, 85% of our hotels received TripAdvisor’s coveted Certificate of Excellence in 2022.”
HVMG continued to take forward steps to stay ahead of its competitors in the realm of business analytics. The company is investing heavily in next generation technology to capitalize on the large amount of data available internally. Thus far, HVMG has committed more than $500,000 in data warehouse architecture and visualization tools since 2021, with plans to invest further. HVMG also recently named Cory Chambers to the newly created role of SVP, business intelligence & chief commercial officer to oversee implementation of BI initiatives.
“As we continue to focus on growing our nationwide, third-party operated hotels portfolio, we are taking an aggressive approach to further expand our real-time analytical capabilities and to produce predictive analytics to support our owners as they evaluate their strategic options.” Cole said.
2023 outlook
“We maintain a very active pipeline, with more than 10 hotels expected to transition in the coming months,” said Brian Young, EVP/chief investment officer. “From new builds and acquisitions to change of management, most of these hotels are in markets in which we are well versed. We are confident we can deliver strong top line and bottom line results to our partners needed to attain their investment objectives.”
Tags: Brian Young, Cory Chambers, Hospitality Ventures Management Group (HVMG), Robert Cole
