US-based private hotel ownership and management company Hospitality Ventures Management Group (HVMG) has completed the acquisition of Greensboro-High Point Airport Marriott hotel in Greensboro, North Carolina.

The terms of the deal have not been disclosed.

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HVMG president and CEO Robert Cole said: "With its prime airport location and high barriers to new competition, the Greensboro-High Point Airport Marriott is a perfect fit with our growing portfolio of owned and managed hotels.

"Following the completion of this second wave, the hotel will be in ‘like-new’ condition and the most recently renovated full-service hotel in the area."

"We continue to have a healthy appetite for additional hotel acquisitions, new development and third-party management and believe 2015 will present similar opportunities for further growth."

Situated at One Marriott Drive, adjacent to the Piedmont Triad International Airport, HVMG will manage the 299-room hotel, expanding its managed portfolio to 38 hotels and 7,194 rooms in 15 US states.

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It intends to invest around $11m to renovate meeting space and guest rooms of the acquired property.

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Cole added: "Following the completion of this second wave, the hotel will be in ‘like-new’ condition and the most recently renovated full-service hotel in the area, making it the ideal hotel for group business and corporate transient travelers to the Greensboro area."

HVMG runs independent and boutique hotels and resorts, as well as full-service, select service and extended stay hotels under the Hilton, Marriott, Hyatt, Starwood and IHG brands.