TEWKSBURY, MA—Private investment group Waramaug LS Hotels, LLC has acquired a portfolio of six Fairfield Inn hotels in New England from a special servicer and plans an extensive capital improvement program on the REO properties.

The special servicer C-III Asset Management, LLC, a wholly-owned subsidiary of C-III Capital Partners of Irving, TX, represented a trust that owned the portfolio. No purchase price was disclosed, but Craig Nussbaum, senior vice president with Boca Raton, FL-based Waramaug LS Hotels, tells Globest.com that the firm will spend approximately $19 million on a capital improvement program on the properties. Construction will begin in late 2015. The hotels will remain open during the renovation, Nussbaum says.

The deal for the six hotels in Massachusetts, Vermont, New Hampshire and Connecticut, closed on Monday. In addition, the same day Waramaug hired Interstate Hotels & Resorts of Arlington, VA to manage the six properties.

The portfolio is comprised of the Fairfield Inn Burlington, Williston, VT; Fairfield Inn Portsmouth Seacoast, Portsmouth, NH; Fairfield Inn, Amesbury, MA; Fairfield Inn Boston Woburn Burlington, Woburn, MA; Fairfield Inn Boston Tewksbury Andover, Tewksbury, MA; and the Fairfield Inn New Haven, Wallingford, CT

The six hotels in the portfolio are all single building, interior corridor hotels ranging from three to five stories and contain between 105 and 133 guestrooms each. They were originally built in the late 1980s as Susse Chalet hotels.

“The addition of these assets to our select service portfolio presents an opportunity to gain access to highly-desirable New England markets with located along the I-95 corridor,” Paul Nussbaum, founder and chairman of Waramaug LS Hotels, says. “The properties were extremely well-built and feature high-quality construction. They were converted to Fairfield Inn hotels in 2008.”

Waramaug plans to begin a comprehensive renovation of the portfolio including a transformation of the public spaces, guestrooms, and building exteriors. Plans include adding a porte-cochere as well as an enlarged breakfast area and a state of the art fitness facility. All of these improvements are intended to bring the portfolio up to the standard for the current Fairfield Inn prototype, company officials say.