Officials of 1754 Properties LLC, an institutional hotel ownership, asset management, development and lending firm, today announced the acquisition of the Marriott Winston‑Salem, a 319-room full-service property located in the heart of downtown Winston‑Salem, N.C., for an undisclosed amount. Hospitality Ventures Management Group (HVMG), an Atlanta-based third-party hotel operator and investor, will continue to operate the hotel.
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1754 Properties LLC announced the acquisition of the 319-room Marriott Winston Salem (pictured).
“Winston-Salem is a diversified, dynamic and growing community that benefits from strong demand generators and a growing number of visitors,” said Joe Smith, managing partner of 1754 Properties. “We look forward to working with community leaders to help solidify Winston Salem’s position in the market as the go-to destination for southeastern travelers looking for a unique stay and a special experience.”
Located at 425 Cherry Street, the Marriott Winston‑Salem is proximate to numerous universities, including Wake Forest University and University of North Carolina, as well as the one million square foot Innovation Quarter, 200-plus office buildings and corporate headquarters such as Reynolds American Inc, Hanes, AON, BB&T, Pepsi, Krispy Kreme and Jet Zero. The pet-friendly hotel boasts direct access to the 150,000 square foot Benton Convention Center via a climate-controlled walkway. Hotel amenities include more than 14,000 square feet of its own meeting space, indoor swimming pool, 24/7 fitness center and digital check-in. Guest may dine at Butcher & Bull, a contemporary take on the traditional steakhouse.
1754 Properties plans to invest over $5 million in the hotel to upgrade the meeting space, hallways and infrastructure, elevating the property to meet the growing demands of clients.
“We have been interested in the North Carolina market for some time, and the Marriott Winston Salem was the perfect opportunity to acquire a well-performing asset in an impossible-to-replicate location that has very positive economic trends and a vibrant city,” said Marcos Casillas, managing director, 1754 Properties. “Following the completion of the impending renovation, the hotel will regain ‘like-new’ status, making it the ideal choice for business and leisure travelers to the area.”
About 1754 Properties
Based in South Florida with an office in Mexico City, 1754 Properties is an institutional owner, developer, lender and asset manager of hotels, restaurants and other hospitality assets. 1754 Properties’ team has executed over 50 successful investments with partners such as pension plans, private equity firms, international family offices, and middle eastern financial institutions. The firm typically invests in assets ranging from $40 million to $500 million in value.
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1754 Properties LLC, acquired the 319-room Marriott Winston Salem.
Contacts
Chris Daly, media
(703) 864-5553
chris@dalygray.com