Virga Capital Expands Hospitality Portfolio; Partners with Resolute Road Hospitality to Acquire Residence Inn by Marriott Boise West

 Deal represents Virga Capital's first acquisition into growing Boise market

BOISE, Idaho, June 4, 2024 /PRNewswire/ -- Virga Capital, a leading real estate investment and development company headquartered in Bozeman, Montana, today announced the acquisition of Residence Inn by Marriott Boise West. In partnership with Resolute Road Hospitality, this strategic acquisition marks Virga Capital's initial hospitality investment in Boise, signaling intentions to expand the company's presence throughout the Intermountain West.

The acquisition comes at a time of significant market growth. Boise was recently recognized as one of the 12 Best Places to Live in the nation, solidifying its position as a dynamic hub for growth and opportunity, and tourism has grown to the third-largest industry in the state, bringing in over $3.7 billion annually, per the U.S. Travel Association. With strong projected job growth through the next decade, the city is attracting attention from investors and businesses nationwide.

"It's exciting to expand our hospitality footprint into Boise as this market continues to grow," said Rob Lateiner, CEO at Virga Capital. "Partnering with a respected management company like Resolute Road Hospitality aligns perfectly with our commitment to providing exceptional on-the-ground service and in line with Marriott's high standards for guest experience."

The 104-key Residence Inn is strategically positioned near key points of interest such as Boise State University, Boise Towne Square mall, Boise Airport, Downtown Boise, and Micron Technology Inc. Its extended-stay style and modern amenities cater to both corporate and leisure travelers seeking comfort and convenience.

"We are delighted to announce our partnership with Virga Capital and assume management of the Residence Inn Boise West," said Gary Horton, President of Resolute Road Hospitality. "We look forward to delivering exceptional guest experiences while maximizing the hotel's value in Boise's vibrant hospitality market."

The business plan anticipates a renovation of both the interior and exterior of the Residence Inn, aimed at enhancing the guest experience and solidifying the property's status as a premier destination for travelers visiting Boise.

For more information about Virga Capital and how the company is investing in communities throughout the Intermountain west, visit: https://www.virgacapital.com.

About Virga Capital 
Virga Capital is a leading real estate investment and development company headquartered in Bozeman, Montana. Our core mission is centered around creating spaces that foster vibrant communities and enduring connections. Virga's expertise runs the gamut from adaptive reuse and historic preservation to public-private partnerships and master-planned community development. Virga's primary focus today is acquisitions in the multifamily and hotel sectors across the Intermountain West.

About Resolute Road Hospitality
Resolute Road Hospitality is a Boise-based hotel management company 'Driven by a Promise 'to change the way owners think of a management team. Resolute Road Hospitality is a true partner, advocate, and fiduciary to the owner by applying the knowledge, grit, and "owners perspective" developed over decades to operate a property at its highest potential.

CONTACT: Madison Job, [email protected]

SOURCE Virga Capital