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Interstate Hotels & Resorts Acquires Williamsburg Hotel & Convention Center
7/19/2012
ARLINGTON, Va. & WILLIAMSBURG, Va.—Interstate Hotels & Resorts today announced that it has formed its fourth joint venture with Waramaug Hospitality LLC and a private investment group and acquired the 295-room Williamsburg Hotel & Conference Center (formerly, the Marriott Hotel Williamsburg) for an undisclosed amount.
The hotel will immediately undergo a $7.5 million comprehensive renovation and convert to the upper upscale DoubleTree by Hilton brand. Interstate will manage the hotel under a long-term contract.
“We continue to build on our strong relationship with Waramaug, a leader in hospitality real estate investments, adding our fourth project with them in the past 17 months,” said Jim Abrahamson, Interstate’s chief executive officer, in an announcement. “With the planned renovation and rebranding, in addition to an ideal location close to significant demand drivers, we expect the hotel to take a leadership position in this market.”
“This hotel offers some of the largest meeting and event space in Williamsburg, is close to all of the major historic, recreational and shopping attractions, and also serves a large nearby corporate base,” said Paul Nussbaum, Waramaug’s chairman and chief executive officer. “The substantial hotel renovation and repositioning, in addition to Interstate’s operations experience all offer excellent upside for this property in a rebounding market.” READER COMMENTS
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