PHILADELPHIA—HHM announced today that it has assumed management of 23 newly built hotels in Texas, Oklahoma, and Arkansas. The hotels have an average age of only four years and feature Marriott, Hilton, and IHG flags. This addition marks a 25 percent increase in HHM’s portfolio.
HHM worked with Starwood Capital Group (SCG), a privately held global investment firm, through all aspects of the transaction and will deploy further investment capital in the form of property improvement plans.
“Texas is one of the most stable and fastest growing economic regions in our country. Not only is this a strategic time for HHM to enter the Southwest, but the opportunity also represents increased diversification of clients and meets our geographic growth plan,” said Naveen P. Kakarla, president and CEO of HHM, in an announcement. “HHM now manages, asset manages or serves as receiver for 115 luxury, upper-upscale, upscale and mid-scale branded and independent hotels in major metropolitan markets across 17 different states.”
“The company is thrilled to welcome these hotels and their team members to HHM, and has added a regional infrastructure to support continued growth in the region,” Mike Murray, COO of HHM said. “We are looking forward to an integration of brain power and resources over the next few months to solidify our presence in the Southwest.”