1754 Properties, a South Florida-based real estate owner and developer, has acquired the 319-room Marriott Winston-Salem in North Carolina for an undisclosed amount. Atlanta-based Hospitality Ventures Management Group will continue to operate the hotel.
“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 property is near Wake Forest University, University of North Carolina and the one-million-square-foot Innovation Quarter. It is also close to over 200 office buildings and major corporate headquarters, including Reynolds American Inc, Hanes, AON, BB&T, Pepsi, Krispy Kreme and Jet Zero. Guests have direct access to the 150,000 square foot Benton Convention Center via a climate-controlled walkway.
The pet-friendly hotel offers more than 14,000 square feet of meeting space, an indoor swimming pool, 24/7 fitness center and digital check-in. Dining is available at Butcher & Bull, described as “a contemporary take on the traditional steakhouse.”
1754 Properties plans to invest more than $5 million in renovations, focusing on 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.”
1754 Properties is an institutional owner, developer, lender and asset manager of hotels, restaurants and other hospitality assets. According to the firm, its 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 company targets investments in assets valued between $40 million and $500 million.
