DALLAS--(EON: Enhanced Online News)--Urbana Varro, LLC, on behalf of the Urbana Varro Opportunity Fund I (the “Fund”), has acquired the 95-suite TownePlace Suites in Greenville, SC. Conveniently located near the super-regional Haywood Mall, the largest in the state with more than 1.3 million square feet of retail space, this extended-stay hotel targets extended-stay, corporate, group and leisure business.
“We expect these improvements to have a considerable impact on guest satisfaction.”
Urbana Varro, LLC is a venture between Urbana Realty Holdings, LLC, an Atlanta-based commercial real estate investment, development and management company, and Varro Hospitality, LLC, a Dallas-based hotel investment and management company. The purpose of the venture is to acquire risk-adjusted investment opportunities on behalf of the Fund.
“This acquisition falls directly in line with the stated goals of our Fund – to purchase existing, stabilized, current income generating assets in solid growth markets across the U.S. By acquiring at a substantial discount-to-replacement cost, and implementing changes in management and/or additional capital investment, we expect to produce good current yields and realize significant capital gains when the economy fully recovers,” said Jeremy Soder, Principal with Urbana Varro. “We believe the hotel sector represents one of the best risk-adjusted opportunities for commercial real estate investors today.”
This marks the Fund’s sixth hotel acquisition, including a portfolio of five TownePlace Suites by Marriott, by Varro and affiliates of Gatehouse Capital and John Muse, co-founder and Chairman of HM Capital. Together, Varro and Urbana have eight hotels representing 1,028 rooms under ownership.
The TownePlace Suite will undergo substantial renovations in order to remain at the top of its competitive class in the market. Facilities for providing complimentary hot breakfast and meeting space, as well as improvements in the exercise room, patio and public space will be added.
“Additionally, there will be a key focus on upgrading all guest rooms with new soft goods, fixtures, and lighting, as well as modernizing the kitchens and bathrooms with granite countertops and stainless steel appliances,” says Feliz Jarvis, Chief Hotel Operations Officer for Urbana Varro. “We expect these improvements to have a considerable impact on guest satisfaction.”
For more information about Urbana Varro, LLC, please contact Michael Howell, media coordinator at 972-516-0700 or visit www.urbanavarro.com.
About Urbana Varro, LLC
Urbana Varro is a nationally-focused integrated hotel investment, management and development company focused on acquiring premium-branded, upscale assets in the hospitality sector. For more information please visit www.urbanavarro.com.