The hotel management company has 60 hotels in its portfolio with 48 more scheduled to open over the next five years. The expansion comes four years after the company decided to focus on operating hotels after assisting in their development.

David Etmenan, Novum’s CEO and owner, is the second-generation owner of the company. He assumed the role in 2004 from his father, Nader Etmenan, who founded the company in 1988.

Under his direction, Etmenan said Novum began morphing into an asset-light management company in 2014.