Michelle Russo started her hotel real estate asset management company at her grandmother’s kitchen table in Tiverton 12 years ago. Now Providence Business News reports that hotelAVE manages more than $5.5 billion in hotel real estate assets. Its footprint includes 130 properties ranging from the One & Only Ocean Club in the Bahamas and the Waldorf Astoria Chicago to the St. Regis Monarch Beach in Dana Point, CA, and the new Four Seasons Resort Orlando at Walt Disney World.
Russo says her company is not the largest hotel asset management company in the nation. “I had no preconception (when I began) of what I thought it would be,” she says.
The company’s name is an acronym that describes its principal goal — hotel asset value enhancement. It specializes in management analytics that evaluate how hotel properties are performing in all areas, from restaurant functions to room occupancy. The hotels are owned by individuals, financial institutions, or real estate investment funds.
“We represent the owner and our sole goal is to maximize the value of the real estate,” Russo says. “Our job is to meet with them monthly, show them best practices, and provide resources to help them think more strategically.”
Find out more about hotelAVE’s remarkable growth in this story from Providence Business News.