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LEED Hotels Raise $75 Million

Adoba Eco Hotel & Suites, a chain of fully LEED-certified hotels, has raised $75 million for national expansion through M1T Partners.

Independent investment firm M1T finalized a preliminary round of funding, the first in a five-year strategy to accelerate Adoba’s expansion plan.

Denver-based Atmosphere Hospitality Management launched the eco-brand hotel two years ago. The company renovates existing buildings and designs and constructs new ones to meet LEED certification standards.

The company says it is aiming to provide a competitive advantage to hotel owners who would like to make their properties more sustainable. Its business model eliminates traditional franchise fees to provide maximum returns, Atmosphere says.

A former Radission Hotel in Rapid City was renovated earlier this year and now carries the Adoba Eco Hotel brand name. Atmosphere Hospitality also took operational control this fall of the Hyatt Regency Dearborn in Detroit, and is now calling it the Adoba Hotel Dearborn/Detroit. The company is working to purchase the building from Royal Realties, reported the Dearborn Press & Guide.

Last month, Adoba said it would use software from property management system developer IQware in its hotels. The technology, which has a booking compenent, will be used to reduce expenses and improve customer service, according to Hotel News Resource.

An analysis released this summer by the University of New Hampshire Whittemoe School of Business and Economics said hotels trying to attract green consumers should use targeted marketing that draws on both functional and emotional green images. Identifying green customers can be challenging for hotels, according to the survey of 563 hotel patrons.

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