Vancouver-based Vesta Hospitality has more than 25 years of experience acquiring hotels around North America and during that time, they have developed, owned or third-party managed approximately 50 hotels. Presently, they have 16 properties in their portfolio. The company employs more than 800 people and has offices in Florida, Indiana and Arizona. Many of the employees have been with Vesta for more than 15 years.
The COVID-19 pandemic dramatically impacted the hospitality industry, but Vesta Hospitality has remained resilient.
“I am pleased to say that Vesta has been able to maintain excellent liquidity with all our properties through a combination of expense cuts, forbearance agreements with our lenders and strategic use of the Federal Paycheck Protection Program,” said Vesta Chairman and CEO Rick Takach. “Overall, we are doing better than many of our peers because we have maintained our disciplined underwriting principles and adhered to the lessons learned from previous economic downturns.”
Looking at the future, the hospitality industry is coming back strong. There is already significant demand for leisure and travel closer to home, which bodes well for the properties in Vesta’s portfolio. Their recent project, the AC Hotel by Marriott at the Port of Vancouver USA’s Terminal 1 is set to open in June 2022. Additionally, they will begin a substantial renovation at their recently acquired Cannery Pier Hotel & Spa in Astoria, Ore. Vesta Hospitality is also assisting with planning for a new hotel near ilani, which they will manage when it is completed.
Vesta Hospitality remains strong in its commitment to the local community as well. They contribute approximately $100,000 annually to community endeavors. Takach said that they also have a ‘Work Hard Live Free’ program, where one associate each year, drawn from the Associate of the Month winners, has their mortgage or rent paid for a full year.
“Our goal is always to create as much value as we can for investors; contribute to our host communities as an ethical, respected business partner; and provide meaningful employment and career opportunities for our team members,” Takach said.
Vesta Hospitality is one of the Vancouver Business Journal’s strategic partners. To find out more about our strategic partner program and how to become a strategic partner, contact Steve McDonagh at firstname.lastname@example.org.