Interstate Hotels & Resorts is slowly building up its ownership portfolio, with joint venture partner Waramaug Hospitality L.L.C. at its side. Now Interstate and Waramaug have teamed on the acquisition of the former Marriott Hotel Williamsburg, a 295-room lodging destination near the historic Colonial Williamsburg historic district in Williamsburg, Va.
Interstate has wasted precious little time in pursuing its repositioning plan for the property, having already renamed it the Williamsburg Hotel & Conference Center. That’s just the beginning. The global hotel management company will invest $7.5 million on a renovation program that will transform the hotel into an upper-scale product carrying the DoubleTree by Hilton flag.
Located on 15 wooded acres within the Busch Corporate Center in Williamsburg, the hotel is the closest hotel to Busch Gardens and within minutes of Colonial Williamsburg, the College of William & Mary and world-class golf courses, with easy access to both the Richmond and Norfolk airports. The Williamsburg Hotel & Conference Center features 45,000 square feet of meeting space for up to 1,600 people and an auditorium with capacity for more than 700. Other amenities include three dining options, an indoor/outdoor connecting swimming pool, seasonal tennis courts and a full-service fitness and business center.
For more information about The Williamsburg Hotel & Conference Center, please visit www.thewilliamsburghotelcc.com
The Williamsburg Hotel marks Interstate and Waramaug’s second purchase this year, and their fourth joint venture endeavor. In January, the partners purchased the 300-room Crowne Plaza Columbus North hotel in Ohio. And last year, the companies teamed up to buy the 265-room Crowne Plaza Tampa East in Florida and Colorado’s Sheraton Denver Tech Center.
Interstate and Waramaug are sticking to the non-core markets and properties that will benefit substantially from comprehensive upgrades. All four of their hotels will get multimillion-dollar makeovers. “This partnership is looking at turnaround opportunities, and those that we’ve found so far have been in good secondary markets,” said Blum. “And in each case, these properties have been neglected and lacked significant capital improvements.”
Together, Interstate and Waramaug plan to shell out as much as $300 million on acquisitions over the next year or so.