JANUARY 22, 2018 – EL PASO, TEXAS – Colorado-based Elevation Hotel Management has taken over the management of three hotels in El Paso from TVO North America, an El Paso company hit by allegations of theft and fraud. “Our firm has been active in El Paso for almost a decade, and we’re proud to integrate management of these properties and expand our presence in El Paso,” said Clement Borkowski, a managing partner of private equity firm ASI Capital.
In December, Elevation Hotel Management, a subsidiary of ASI Capital, assumed management of the Holiday Inn on Sunland Park Drive, Hilton Garden Inn near UTEP and the Courtyard by Marriott hotel near the airport. According to the company, the deal includes the transfer of 170 employees, and Elevation says it has retained “key local personnel to provide oversight and establish the management company to grow its portfolio locally and in surrounding markets.”
Elevation was recently formed as a subsidiary of Colorado-based ASI Capital. The company says it plans to open offices in El Paso. Elevation, along with partner Legna International Trade, recently completed a $2.2 million renovation of the Holiday Inn at 900 Sunland Park. The company also restored the Holiday Inn brand to the hotel, which had been rebranded as a Country Inn and Suites in 2014.
The renovation, which took six weeks, was finished on Dec. 21. Improvements include remodeled guestrooms, upgraded technology and enhanced safety features, according to the company. The 175-room hotel has more than 4,000 square feet of conference space and an event center that can accommodate up to 200 people.
The company also has plans to renovate the Hilton Garden Inn, 111 W. University, and the 90-room Courtyard by Marriott, 6610 International, according to Michelle Kaip, president of Elevation Hotel Management. The renovation of the lobby at the Hilton Garden Inn is scheduled to start in about a month, Kaip said.
“Our ownership’s goal has always been to maintain the properties,” she said. Kaip said ASI Capital has been interested in the El Paso market for years, and this is the first time it has taken on the management of hotels in El Paso.
ASI Capital was a partner with TVO North America in an acquisition of the Marriott Courtyard last July. It was also a partner in the acquisition of the Holiday Inn and Hilton Garden Inn. The Holiday Inn and Hilton Garden Inn are listed as owing more than $445,000 in taxes to local tax districts, according to the city tax assessor’s office. Kaip said she could not comment on how ASI Capital would resolve the tax payment.
Gabriel Ayub, president of the El Paso Hotel & Lodging Association, said he couldn’t comment on the specifics of the deal, but noted that the Downtown hotel market continues to grow. Ayub said he is also happy to see a new airport hotel coming to the Eastside. It will be located in a new development at the intersection of Edgemere and Airway. The hotel occupancy rate was 68.6 percent and hotel revenue reached about $127 million in August 2017, according to the city of El Paso.
(content credit: Aaron Montes / El Paso Inc. Reporter)
About Elevation Hotel Management
Elevation Hotel Management is a subsidiary of ASI Capital LLC, a private equity firm based in Colorado Springs, Colorado. Currently they own and operate hotels in the El Paso area with plans to expand its holdings within the region.
Company Name: Sterling-Holtby Public Relations
Contact Person: Glenn Sterling
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