We are excited to be working with GVM and look forward to expanding this mutually beneficial relationship over time.
Dallas, TX (PRWEB) September 26, 2011
Texas Western Hospitality (TWH) has been strategically chosen by Dallas-based GVM Hotel Partners to operate five TownPlace Suites by Marriott.
“We hope to drive growth in performance by having Texas Western manage these assets,” said John Muse in a statement.
GVM, a partnership of Gatehouse Capital, Varro Hospitality, and private investor John Muse, recently purchased the five Marriott-branded hotels for $30 million. Four of the hotels are in Texas (Austin, College Station, and two in Houston); the fifth is in Birmingham, Alabama. Combined, they total 571 rooms. GVM was formed to acquire and manage financially distressed hotels.
“Through changes in management and/or additional capital investment, we plan to produce good year-one yields,” said Marty Collins, an executive with Gatehouse Capital. “We are hopeful this is the first of many deals.”
Although TWH currently operates various Marriott properties, these are the first properties under management on behalf of GVM.
“We are excited to be working with GVM and look forward to expanding this mutually beneficial relationship over time,” said Jeff Blackman, executive vice president of TWH.
Texas Western Hospitality, the management arm of Western International, is a lodging management company with more than 30 years of successful history in hotel development and operations. Headquartered in Dallas, Texas, TWH manages many of the finest brands, including Marriott and Hilton. TWH has grown to become one of the most respected lodging management companies in the United States, operating 50 properties with more than 6,000 guest rooms in seven states.