WILLIAMSBURG, VA-Interstate Hotels & Resorts and private commercial real estate investment group Waramaug Hospitality LLC are partnering on a fourth acquisition--in this case the 295-room Williamsburg Hotel & Conference Center, formerly the Marriott Hotel Williamsburg. The hotel asset traded for an undisclosed amount. The new owners are planning a $7.5-million renovation and plan to convert the complex to the high-end DoubleTree by Hilton brand, after which Interstate will manage the hotel under a long-term contract.

Executives at the Interstate-Waramaug JV laud the hotel and conference center as being well positioned to take a leadership role in this particular market. It offers some of the largest meeting and event space in Williamsburg and is close to Williamsburg’s historic, recreational, shopping and educational attractions--that is, Busch Gardens, Colonial Williamsburg and the College of William & Mary--as well as the area’s corporate base, said Paul Nussbaum, Waramaug’s chairman and chief executive officer, in a prepared statement.

"The substantial hotel renovation and repositioning, in addition to Interstate’s operations experience, all offer excellent upside for this property in a rebounding market," he said. The property features 45,000 feet of meeting space that can hold up to 1,600 people, as well as an auditorium with capacity for more than 700.

The other acquisitions the companies have made together are the 300-room Crowne Plaza Columbus North hotel, the 265-room Crowne Plaza Tampa East and the Sheraton Denver Tech Center. The companies invested varying amounts of capital for renovations in each of these purchases. Interstate’s latest acquisition follows recent news by the REIT that Ted Knighton, the chief operating officer, was promoted to president and chief operating officer.

Partnering with private equity is working out well for the REIT, Interstate’s CIO Leslie Ng, tells GlobeSt.com. "Our interests are aligned on a business plan that focuses on well-located hotels that are in dire need of capital and in some cases a brand change to enhance their value." The two companies have a number of projects in various stages of the pipeline underway across the country, he adds.