Hospitality group 1754 Properties buys Marriott Winston Salem
Financial terms of the deal were not disclosed.
The property is near several academic institutions, including Wake Forest University and the University of North Carolina. It is also close to the Innovation Quarter, a hub for research and business, and is surrounded by several office buildings.
The ongoing management of the hotel will remain under the Atlanta-based Hospitality Ventures Management Group.
The hotel features meeting space, an indoor pool, a fitness centre, and a digital check-in option for guests.
Additionally, the establishment is pet-friendly and connected to the Benton Convention Center via a walkway.
According to a company release, 1754 Properties is to invest more than $5m for enhancements to the hotel's meeting spaces, corridors, and various infrastructural elements.
1754 Properties managing director Marcos Casillas said: '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.
'Following the completion of the impending renovation, the hotel will regain 'like-new' status, making it the ideal choice for business and leisure travellers to the area.'
1754 Properties has executed more than 50 successful investments with partners such as pension plans, private equity entities and international family offices.
"Hospitality group 1754 Properties buys Marriott Winston Salem" was originally created and published by Hotel Management Network, a GlobalData owned brand.
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