HVMG Expands Elevate to Meet Surging Hotel Renovation Demand

ATLANTA, GA – April 21, 2026 – Hospitality Ventures Management Group (HVMG), an Atlanta-based hotel operator and investor, is making a significant strategic push into the third-party project management space with the expansion of its Elevate Renovations + Development platform. The move positions HVMG to capitalize on a burgeoning hotel renovation market, leveraging over two decades of in-house experience to serve a broader audience of hotel owners facing complex and costly property upgrades.

The formal launch of Elevate as a dedicated third-party service comes as the hospitality industry braces for what many analysts call an "unprecedented wave of renovation activity." This surge is driven by a confluence of factors, including updated brand mandates, evolving guest expectations, and a renewed focus on asset value in a post-pandemic landscape.

Capitalizing on a Renovation Wave

The demand for hotel renovations and property improvement plans (PIPs) is not just growing; it's accelerating. Major brands like Marriott, Hilton, and Hyatt are rolling out updated standards that require significant owner investment to maintain brand affiliation. The scope of these PIPs has escalated dramatically, often encompassing everything from guestroom case goods and public space redesigns to full restaurant concepts and advanced technology integration.

Market data underscores the scale of this trend. The global lodging construction and renovation market, valued at nearly $630 billion in 2024, is projected to soar to $1.36 trillion by 2034. In the U.S. alone, recent figures from Lodging Econometrics show a combined pipeline of over 2,000 renovation and conversion projects, affecting more than 269,000 rooms.

This renovation boom is fueled by more than just brand requirements. Modern travelers, armed with endless online reviews, have heightened expectations. Research indicates that 85% of guests consider a hotel's design a critical factor in their booking decisions. To stay competitive, owners are compelled to refresh properties, integrating smart technology, sustainable features, and flexible, modern aesthetics. With 80% of investors planning to increase or maintain capital deployment in hotels this year, the funding is aligning with the need for upgrades.

“Elevate reflects the evolution of HVMG’s long-standing development and project management expertise into a dedicated, third-party services platform for owners beyond our portfolio,” said Robert Cole, founder, president, and CEO of HVMG. “HVMG has provided development and project management services since the company’s founding more than 25 years ago, generating $500+ million in revenue.”

From In-House Expertise to Third-Party Service

HVMG's move is a calculated expansion, not a new venture. For over two decades, the company’s internal development team—the precursor to Elevate—has managed more than 65 projects and overseen renovations totaling over $80 million within HVMG's own portfolio of 51 hotels. This deep, firsthand experience as both an owner and operator is the platform's core selling proposition.

The company has a proven track record of financial outperformance, consistently exceeding industry averages in key metrics like Revenue Per Available Room (RevPAR) and Gross Operating Profit (GOP). This history of driving asset value for its own properties provides a compelling case for why external hotel owners would seek its services. By formalizing Elevate, HVMG is productizing its internal best practices and operational acumen for the wider market.

The platform is designed to be a flexible partner, capable of handling individual, short-term projects or serving as a long-term advisor across the entire life of an investment. This comprehensive approach is a key differentiator in a crowded field.

Proving Ground: High-Stakes Projects and Proven Results

Elevate enters the market with a portfolio of recently completed and active projects that showcase its capabilities in navigating complex renovations. A key case study is the public-space renovation of the Castle Hotel, Autograph Collection by Marriott in Orlando, Florida. Elevate was engaged midway through the project during a critical phase where budget and schedule were at risk.

The team partnered with ownership to realign the project's scope and financial parameters, focusing on high-impact areas like food and beverage venues and outdoor leisure spaces. The bar was transformed with custom millwork and stone, an outdoor patio was added, and the pool area was revitalized.

“The transformation reflects a strategic investment in high-impact public areas that strengthen both brand identity and revenue performance,” said Suzanne Saunders, chief elevation officer for Elevate. “We were able to work with ownership to get a complex project back on track and refine a vision that worked for everyone.”

Another significant success was the comprehensive $19.6 million renovation and rebranding of The Darwin Hotel in Atlanta, now part of IHG's voco lifestyle brand. Elevate managed the project from conception to completion in just nine months, navigating the challenges of the COVID-19 pandemic. The project's design excellence was validated externally, earning two prestigious Gold Key Awards for its lobby and guest room design.

Elevate's active pipeline demonstrates its versatility, with projects including:
* A ballroom and meeting space renovation for a Marriott in North Carolina.
* A full public space and guestroom renovation for a Tribute hotel in Georgia.
* A complex adaptive reuse project in Tennessee, providing technical services for an office-to-hotel conversion for Hyatt Studios/Unscripted brands.
* Full PIP renovations for a DoubleTree by Hilton in Tennessee and an Embassy Suites by Hilton in Minnesota.

A Holistic Approach in a Complex Market

Elevate's strategy extends beyond construction management. By offering services that span from pre-purchase due diligence to asset disposition, the platform positions HVMG as a holistic partner for the entire investment lifecycle. This is particularly relevant as the market sees a rise in complex projects like adaptive reuse, a trend Elevate is already tackling with its office-to-hotel project in Tennessee. Adaptive reuse has become a major force, with hotels representing over a third of such projects in the U.S. last year.

The expansion comes as more hotel owners turn to third-party operators and managers to navigate an increasingly difficult landscape. With rising operating costs, moderating demand growth, and complex brand mandates, owners are seeking specialized, owner-centric expertise. Industry analysts note that third-party managers can offer greater transparency, operational efficiency, and flexibility compared to traditional brand management agreements.

While competitors like McKibbon Places and Ground LVL also offer third-party project management, Elevate aims to differentiate itself with HVMG's deep-seated operational DNA and an integrated approach. The ability to negotiate PIPs, leverage established brand relationships, and manage projects with an owner's mindset is critical. In a market where a well-executed renovation can significantly drive rates and profitability, having an experienced partner to guide the process is becoming indispensable for maximizing asset value and ensuring long-term success.