LEESBURG, VA—The new owner of The National Conference Center here say it plans to improve the training center's common areas in order to reverse what has been dwindling business stemming from cutbacks in federal meetings there.

Last week, NCC PS Enterprises, a joint venture of real estate investment firm PCC and Stoneleigh Capital, acquired the hotel and conference center. No terms of the transaction were released, according to the Washington Post.

“We believe that the land in Loudoun County is extremely valuable,” says Frank D. Palmer, managing director of Stoneleigh Capital. “We thought that we could identify opportunities to bring the conference center back to a level of profitability.”

The first phase of renovations to the property that sits on 110 acres should be completed in about 18 months. LaKota Hotels & Resorts will oversee the center's daily operations and, along with an asset management arm of Stoneleigh, will take over catering services from Aramark beginning on May 16.

The former Xerox Conference Center first opened in 1974 as a training facility for the company's employees. The 917-room hotel also features 250,000 square feet of meeting space and has catered to government agencies and nearby contractors. In 2013, 65% of the property's business was government-related. See story in the Washington Post.