MEMPHIS, Tennessee, Sept. 7, 2017 – Memphis-based hotel management, investment and project management company Wright Investments announced plans to acquire up to $400 million in hotel properties over the next 24-36 months by investing its newly raised Hospitality Opportunity Fund II (HOF II). A second-generation company, founded in 1982 by Larry Wright, Sr., Wright Investments has been involved in more than 180 hotels in 27 states and Washington, D.C. via management or ownership.
“The Hospitality Opportunity Fund II represents a material opportunity for our fund investors and capital partners to achieve strong returns as a result of our utilization of sound investment processes and proprietary deal-sourcing,” said Larry Wright Jr., president and CEO of Wright Investments.
“We love the communities where we invest our capital and time. We enjoy the neighborhoods and people and culture. Everyone wins when we aesthetically enhance the built environment, create and sustain local jobs and improve the tax base. Our foundational focus is to be values-driven, smart, hardworking partners with employees, investors and community stakeholders.”
The objective of the hotel investments is to create strong risk-adjusted returns for investment partners with repositioned business plans that provide guests with great experiences and enrich the communities in which they impact. Wright’s hotel-specific model is investment, hotel management, both for its own account and third-parties, and hotel project management. Geographically, the company’s investment appetite embraces fundamentally interesting primary and secondary markets as well as destination locations.
“We’re eager to grow with our existing team and build new relationships anywhere in the domestic U.S. and with diverse service-level hotels. We’re also casting the net wider with our historical experience in independent and lifestyle hotels that embrace every traveler’s love of fun and adventure.” Wright also noted that in select cases, the HOF II would consider adaptive reuse and ground-up hotel development if the plan achieves investment objectives.
Hospitality Opportunity Fund I, which is now fully deployed, enabled the company to acquire approximately $180 million in hotels, including those under major brands such as Hilton Worldwide, Marriott International & InterContinental Hotels Group. There have been three realizations – or “round trips” – of assets from HOF I which have been very positive, Wright says.
“Our model is deceptively simple – we implement a strategic plan to purchase assets that represent significant value enhancement opportunities,” Wright said. “Essentially, we breathe new life into the hotels we invest in by executing an innovative but proven approach to operations, asset management, renovations and the overall customer experience. We work collaboratively with our capital partners to ensure near and mid-term plans are intensely adhered to for the long-term viability of the hotel. Wright Investments wins by providing growth opportunities for our property-level team members, building deep trust with investment partners, and working diligently with all others to create long-term sustainability and adaptability for our 35-year-old firm. We look forward to a fun, exciting and highly profitable next 35 years.”
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