Photo Credit: Davonne Reaves
History Maker Davonne Reaves Just Purchased Two More Hotels
Davonne Reaves, who made history last year as one of the youngest Black women to co-own a property in a major hotel chain, has just added to her growing portfolio with the purchase of two more hotels. Now, together with Nassau Investments, she is the co-owner of a Staybridge Suites in Fishers, Indiana and a Hampton Inn & Suites in Scottsburg, Indiana.
According to Black News, including the new additions, Reaves has become the owner of three hotels within the past year, for a total new property value of $18 million.
“For many years I never imagined that I could own a hotel, and now I own three!” she told Black News. “It’s an indescribable feeling, knowing that I am living my ancestors’ wildest dreams.”
The 34-year-old mother and real estate investor is an Atlanta native who has worked in the tourism industry for 15 years. She began as a hotel reception employee and worked her way up to a mid-level managerial position, and now, hotel owner. In addition to hotels, Reaves is the owner of her own hospitality firm, The Vonne Group.
Through her company, Reaves trains aspiring hospitality entrepreneurs on the ins and out of hotel ownership and investment. Her own success and experience has inspired her to aid others who wish to accomplish similar goals, especially those from groups traditionally underrepresented in the industry, including people of color and women.
“It’s an awesome feeling doing this as an African American woman, especially as a young African American woman..I’m so attracted to this industry because the hotel ownership and investment space, help create generational wealth. It really is a tool to create wealth for yourself and your family; wealth lasts for generations, riches are just for today.”
This year, Davonne Reaves is launching her Future Hotel Owner training program in various cities across the US, beginning with Houston, Atlanta, Tampa, New York, Los Angeles, and Chicago. Her book, How to Buy a Hotel: A Roadmap to Hotel Ownership, is also slated for a March release.
“I will literally walk you through the entire hotel acquisition process — from putting together the right acquisition team, to helping you find a broker and the lender that will help you raise the capital. During the training, I’ll also help the participants learn how to raise capital as well.”
Related: The Jenesis House: Arizona’s First Black Woman-Owned Resort