Hotel Equities chosen to manage Holiday Inn in North Carolina [Infographic]
Hospitality specialist Hotel Equities has been appointed to operate the recently renovated Holiday Inn Boone – University Area hotel.
Hotel Equities is celebrating after having been selected to manage a property in North Carolina under IHG’s Holiday Inn brand. We take a look at this new partnership.
The start of a new chapter in North Carolina
Last year marked the completion of a US$4.3 million renovation of Holiday Inn Boone – University Area by North Carolina-based owner Watauga Hospitality. Now, Hotel Equities has assumed operations for this property situated in the Blue Ridge Mountains near Appalachian State University, where guests can enjoy a variety of outdoor activities in the daytime followed by satisfying meals at in-house restaurant Toast to Toast after dark.
“We are thrilled to partner with this strong ownership group to re-enter the Boone market as operators of this phenomenal IHG hotel,” said Joe Reardon, Hotel Equities chief development officer. “We found great alignment in goals, priorities and strategy for the success of the asset and we look forward to future opportunities to join forces.”
Discussing the appointment, Satis Patel, owner representative for Watauga Hospitality, said that he felt the most alignment with Hotel Equities while vetting several third-party management firms. “Hotel Equities’ team’s vast experience as operators, their familiarity with the market and their longstanding relationships with the leading brands that my portfolio consists of – IHG, Marriott and Hilton – give me complete confidence in their capabilities,” he added.
Hotel Equities looks to the future
Despite challenges caused by the global health crisis, Reardon reported that there has been a steady uptick in travel across Hotel Equities’ broad portfolio of hotels – particularly among extended-stay and destination properties. He also revealed that there has been a noticeable rise in hotel owners recognising the value of bringing in quality third-party managers.
“At the peak of this pandemic when occupancy flatlined around the globe – that was when hotel owners truly began to realise the enormous value of their managing partners,” said Reardon. “We are experiencing a flight to quality from hotel owners and we think that’s continuing to happen because of the lingering uncertainty surrounding Covid19. Owners want an experienced team who has persevered in the past and prevailed.”
The operations that Hotel Equities have assumed at Holiday Inn Boone – University Area include accounting, revenue management and sales and marketing.
Let’s take a look at out latest Holiday Inn Hotels and Resorts development infographic: