Urbana Varro Acquires 95-suite Towne Place Suites by Marriott in Greenville, South Carolina
August 19, 2013 - Urbana Varro, LLC, on behalf of 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 over 1.3 million square feet of retail space), this extended-stay hotel targets extended-stay, corporate, group, and leisure guests. 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, CEO of Varro Hospitality. "We believe the hotel sector presents one of the best risk-adjusted opportunities for commercial real estate investors right now."
This marks the sixth hotel acquisition of the Fund, including the acquisition of 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 hotel will be undergoing substantial renovations in order to remain at the top of its competitive class in the market. "We will be adding facilities for providing complimentary hot breakfast and meeting space, as well as improvements in the exercise room, patio and public space".
"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 Varro Hospitality. "We expect these improvements to have a considerable impact on guest satisfaction."
For more information about Urbana Varro, LLC, please visit their website at www.urbanavarro.com or contact Michael Howell, media coordinator at 972-516-0700.
About Urbana Varro, LLC
Urbana Varro is an integrated hotel investment and management company focused on acquiring assets in the hospitality sector. We create investment partnerships which provide up to 100% of the equity financing for income producing properties, redevelopment projects, land acquisitions, and ground-up development opportunities.
Marriott International, Inc. (NASDAQ: MAR) is a global leading lodging company based in Bethesda,Maryland, USA, with more than 4,200 properties in 80 countries and territories. Marriott International reported revenues of nearly $14 billion in fiscal year 2014. The company operates and franchises hotels and licenses vacation ownership resorts under 19 brands, including: The Ritz-Carlton®, BVlgari®, EDITION®, JW Marriott®, Autograph Collection® Hotels, Renaissance® Hotels, Marriott Hotels®, Delta Hotels and Resorts®, Marriott Executive Apartments®, Marriott Vacation Club®, Gaylord Hotels®, AC Hotels by Marriott®, Courtyard®, Residence Inn®, SpringHill Suites®, Fairfield Inn & Suites®, TownePlace Suites®, Protea Hotels® and MoxyHotels®. Marriott has been consistently recognized as a top employer and for its superior business ethics. The company also manages the award-winning guest loyalty program, Marriott Rewards® and The Ritz-Carlton Rewards® program, which together surpass 50 million members. For more information or reservations, please visit our website at 
