Reversal of Market Share Losses at the Courtyard by Marriott, Gastonia, North Carolina
- In 2015, acquired for $12.1M, a location-advantaged asset adjacent to a regional medical center. Property had experienced steady market share losses to a local competitor.
- Completed a targeted $1.38M renovation, executing a complete guest room soft good renovation replacing carpet, vinyl, upholstered furniture, mattresses and bedding.
- Overhauled hotel operations and hired the leading Director of Sales in the local market.
- Physical renovation and new sales leadership reversed market share losses and drove 30% revenue growth during the holding period, more than 10X the revenue growth rate of the peer index.