Introducing Spark GHC, a New Joint Venture Specializing in Hospitality Assets
Spark Hotels, a proven developer, acquirer, and operator of Ohio-based hospitality assets, and Green Harvest Capital, a marquee asset manager of Northeast Ohio-based multi-family assets are officially launching SPARK | GHC, a JV focused on hospitality assets in the U.S. Midwest. By forming this JV, leadership is combining their experiences, resources, relationships, and best practices to take advantage of unique opportunities in the hospitality industry that have developed due to COVID, an aging ownership base, and higher customer brand awareness.
SPARK | GHC will be focused on developing, acquiring, and operating hospitality assets in the U.S. Midwest. The JV is passionate about Ohio and the U.S. Midwest – business and travel friendly regions – that are still in the early stages of an economic resurgence led by strong educational institutions, good interstate/rail/air connectivity, and low cost of living. The JV is an approved 3rd party hotel management and development company across major brands, including Marriott, IHG, Hyatt, and Hilton Hotels in these regions.
The firm’s mission is to significantly improve the daily guest experience through technological innovation, remain strong stewards of the community where assets are located, and provide a healthy cash return and diversification benefit to investors and their investment portfolios. SPARK | GHC believes this is possible through a strong focus on the guest experience, training and empowering employees, having a strong budgetary process, and providing a safe and environmentally friendly hospitality asset for employees and guests.
President of Spark Hotels, Amit Patel said, “I am thrilled to form this JV with GHC. This venture will potentially enable Spark Hotels to grow its portfolio to 5x its current asset base. We already have a number of development and acquisitions in the pipeline equaling ~$100 million of investment over the next two years starting here in Northeast Ohio. By putting Spark’s strong development and operatorship skills together with GHC’s asset management and acquisition platform, we are primed to turn heads in the hospitality industry.”
GHC Principal, Bhavin “B” Patel said, “It is time to come back to my roots in hospitality which is where my family started when we moved to this amazing country in the 1990s. I learned the real estate craft from the bottom up, working at my family hospitality asset in Tallmadge, Ohio in my teenage years. The experience in hospitality allowed me to gain the knowledge and expertise which led to my multi-family portfolio and was the basis for us to start Green Harvest Capital. We are ready to get to work with one of the strongest operators in Ohio to acquire and improve hospitality assets in the U.S. Midwest.”
GHC Principal, Michael J. Smith said, “An underlying reason for the creation of GHC was to provide real estate diversification to portfolios. The hospitality sector provides tremendous double-digit cash on cash returns year in, year out. With Amit and his team's strong operator skills, we see numerous opportunities to acquire assets, improve margins, and deliver healthy cash returns to investors.”
Learn more about Spark Hotels and Green Harvest Capital below.
Spark Hotels, based in Cleveland, Ohio is a privately held firm that focuses on the development, acquisition, and management of value-add hospitality assets. Over the past 30 years+, the firm has managed over $70 million of assets and has had extensive experience in the hospitality industry. They have exited 5 hospitality assets with an average IRR of 25% over the past 5 years. Spark Hotels is led by President, Amit Patel and Chief Operating Officer, Bhavesh Lad.
Green Harvest Capital, based in Northeast Ohio is a private real estate firm focused on acquiring and upgrading multi-family real estate. Since January 2020, GHC has made 8 acquisitions of 16 sites through 6 projects. The firm has ~25 employees delivering results through 3 vertically integrated entities, Green Harvest Capital, GHC Living (property management), and GHC Construction Services (maintenance, construction). Green Harvest Capital is led by Principals, Bhavin “B” Patel and Michael Smith.
To discuss opportunities to work, partner, and/or invest with SPARK | GHC, contact us today at mgmt@sparkghc.com or through our website, www.sparkghc.com.