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COVER STORY FOUNDED: 1997 HEADQUARTERS: Chattanooga, Tennessee BUSINESS MODEL: Developer, owner, operator of branded franchised hotels in full service, select service and extended stay sectors. It is constructing its first independent boutique hotel, The Edwin. It will be part of the Autograph Collection, a soft brand by Marriott International. PRESIDENT & CEO: Mitch Patel, 46 MARKET CAP, INCLUDING PIPELINE: nearly $1 billion EMPLOYEES: 1,100; expects to add 900 over next few years. PORTFOLIO: 30 PIPELINE: 17 STATES: Tennessee, Georgia, Indiana and Texas RECENT AWARDS: 2015 Marriott U.S. Developer of the Year; 2015 Marriott “Spirit to Serve” and Texas The Edwin, a full-service 90-room property scheduled to open in 2017. Boutique Boom Brand-loving Vision Hospitality Group joins fast-growing DIY trend with a landmark hotel M itch Patel loves a good story. Over the past two years, the founder, president and CEO of Vision Hospitality Group Inc. has been crafting an allegory about the latest and most unique hotel development project in the company’s history. Vision is building an independent boutique property in its hometown of Chattanooga, Tennessee. The 90-room full-service inn is named The Edwin. Developing the hotel is foremost a business decision, but for Patel the project goes beyond a monetary return on investment. He is dedicating a considerable amount of energy bringing the unique concept of the high-end hotel BOUTIQUE city he loves. REVENUE to life in the HOTELS “I am spending more time on this project than Total the Revenue in in $Billions combined,” he said, adding every last all other hotels our pipeline detail $ 10 must be right. It is a once-in-a-lifetime opportunity for Patel to express his $ passion not only for the hospitality business but for Chattanooga. 8 When it opens next year, The Edwin will be Vision’s first non-branded $8.025 $ 6 in its portfolio. property Billion $ 4 Many of Vision’s franchised properties exceed brand standards in design and $ service as the company strives $3.341 make a unique impact wherever it to 2 builds. “We are $2.285 pushing the Billion always envelope with what we can do with the Billion $ 0 brands,” he said, joking that pages of design and amenity waivers add a lot of extra heft Lifestyle Hotels franchising agreements. “I love the creative part of to Vision’s Soft Brand Collections Boutique Hotels SOURCES: STR and The Highland Group BOUTIQUE HOTELS SUPPLY GROWTH Compound Average Supply Growth 2000 - 2015 20 % 18% 15 % 15% 10 % 5 % 7% 0 % Mitch Patel, president and CEO of Vision Hospitality Group, stands at the southern end of The Walnut Street Bridge in Chattanooga, Tennessee, which inspired the design and marketing of The Edwin, an independent boutique hotel that is under construction. 14 Asian Hospitality Boutique Hotels Lifestyle Brands Soft Brand Collections SOURCES: STR and The Highland Group “All three segments of the U.S boutique/lifestyle industry are poised to gain market share and become a significantly larger component of the lodging industry,” reports The Highland Group. May 2016