1754 Properties LLC, an institutional hotel ownership, asset management, development and lending firm, acquired the Marriott Winston‑Salem, a 319-room full-service property located in downtown Winston‑Salem, N.C., for an undisclosed amount. Hospitality Ventures Management Group will continue to operate the hotel. Other terms and conditions were not disclosed.
“Winston-Salem is a diversified, dynamic and growing community that benefits from strong demand generators and a growing number of visitors,” Joe Smith, managing partner of 1754 Properties, said in a statement. “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.”
The Marriott Winston‑Salem is near numerous universities, including Wake Forest University and University of North Carolina, as well as the 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 has 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.
1754 Properties plans to invest over $5 million in the hotel to upgrade the meeting space, hallways and infrastructure.
“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.”