“We never forget the basics of hospitality, which means a clean, secure, well-maintained room, the amenities expected by modern travelers, and an attentive, genuinely caring and friendly staff,” said Rick Takach, chairman and CEO of the company.
Looking back
In the last two decades, the company has lived up to its name of providing unparalleled service and accommodations for each guest, as well as offering a supportive work environment for staff and strong financial returns for investors and business partners. The company’s ownership and leaders have worked hard to develop an outstanding executive team while building long-lasting relationships with owner partners.“Through our recruiting, training and associate recognition programs, we devote substantial resources to building a front-line team that possesses the necessary skills and motivation to provide outstanding guest service,” explained Takach. “Many of our close-knit leadership team [members] have been with us from the beginning.”
In addition, Vesta is committed to being a responsible corporate citizen, not only in Vancouver, but in all of the communities that they own properties. This means that they make financial and in-kind contributions to local causes and donate time as an organization to local groups and nonprofit organizations that align with their core values.
“With the 20-year anniversary as the backdrop, we donated a total of $20,000 to local nonprofit organizations that provide education, job training and other career development opportunities to assist people,” Takach shared.
These organizations received Vesta Hospitality 20th Anniversary grants of $5,000 each: Partners in Careers; Innovative Services NW; Clark County Skills Center Foundation; and Leadership Clark County.
Looking ahead
Recently, Vesta Hospitality was selected as the Preferred Hotel Developer for Port of Vancouver’s Terminal 1 mixed-use development along the Columbia River.“The hotel will be AC Hotels by Marriott that will feature 130 rooms,” said Takach. “There were several companies under consideration and we are extremely proud to have been selected for this public-private partnership.”
The company also recently made several acquisitions including The Riverhouse in Bend, Oregon, a 221-room, full-service property and a 148-room hotel in Newport, Oregon.
After closing their first round of investment funding which helped assist in acquiring their two newest properties, the company recently just launched a second co-investment fund. This fund uses select equity sources that will allow accredited investors to make an investment in upcoming hotel acquisitions for a minimum of $50,000.
Takach explained that it’s a perpetual “evergreen” fund that is anticipated to grow to $50 million. The company’s primary focus for this second round of funding will be properties like Marriott, Hilton, Best Western, Hyatt, and InterContinental Hotels Group, which they believe will have significant value-add potential in the market.
When asked about the company’s next 20 years of business, Takach said he looks forward with anticipation.
“We will remain opportunistic and grow in meaningful ways, by strategic acquisition and also by number of properties under management, consistent with sound business practices that make sense for all parties,” he said.