ALBUQUERQUE, N.M. — Total Management Systems, a growing Albuquerque-based hospitality company, has added a pair of Marriott-branded hotels near the Sunport to its portfolio of five existing hotels in New Mexico.
And the company has an eighth under construction in Artesia that is expected to open by the end of the year.
Having sold a Hampton Inn and Suites in Littleton, Colo., earlier this year, TMS President and CEO Prakash Sundaram said, “We wanted to bring our dollars back to New Mexico and grow our management side. We saw an upside in these two properties.”
The 118-room Fairfield Inn & Suites, built in 1996, and the 107-room TownePlace Suites, built in 2002, were purchased in a deal valued at $14 million from Brea, Calif.-based Campbell Hotel Properties. Both hotels are on Centre Avenue, northeast of Gibson and Yale NE.
“These properties are not only located in an upward-trending market, but are also expected to gain substantial market share post renovation,” said Danny Givertz of Hunter Hotel Advisors, the brokerage firm representing the Campbell firm in the sale.
A combined $2.5 million will be spent to renovate the two hotels in phases, allowing them to remain open, Sundaram said.
“New Mexico’s reputation is you can’t get the (room) rates you can get elsewhere,” he said about investing in the renovations. “If you provide a great product and great service, people will pay for it.”
Sundaram is part of the investment team that completed construction of a six-story hotel at 1660 University NE, which had sat unused for six years during the downturn, into an extended-stay 121-room Home 2 Suites, a Hilton Worldwide brand.
Opened for business in April, the Home 2 Suites will hold a formal ribbon cutting today beginning at 5 p.m. with tours, refreshments and drawings. The public is invited.
Total Management traces its roots to 1980 when T.M. (Tom) and Radha Sundaram bought their first motel in Gallup. Prakash Sundaram and sister Malini Perumal are the second generation of the family to be involved in the business.
The company’s portfolio includes five hotels in Albuquerque and two in Gallup. The eighth hotel, an 82-room Hampton Inn & Suites, is currently under construction in Artesia.