Real Estate Company, 1754 Properties, Expands Portfolio with Acquisition of Marriott Hotel in Winston-Salem, North Carolina
In a strategic move, 1754 Properties LLC, an institutional hotel ownership, asset management, development, and lending firm based in Atlanta, has acquired the 319-room Marriott Winston-Salem hotel in downtown Winston-Salem, North Carolina, for approximately $56.15 million.
The hotel, located at 425 Cherry Street, is nestled in a prime location, close to Wake Forest University, University of North Carolina, the Innovation Quarter, and major corporate headquarters such as Reynolds American, Hanes, AON, BB&T, Pepsi, Krispy Kreme, and Jet Zero.
The Marriott Winston-Salem offers more than 14,000 square feet of meeting space, an indoor pool, a 24/7 fitness center, digital check-in, and the restaurant Butcher & Bull. It also boasts direct access via a climate-controlled walkway to the 150,000 square foot Benton Convention Center.
1754 Properties plans to invest over $5 million in renovations, focusing on upgrading meeting spaces, hallways, and infrastructure to elevate the property to "like-new" status. Hospitality Ventures Management Group will continue to operate the hotel.
The acquisition and planned renovation aim to capitalise on Winston-Salem's growing and diversified economy, strong demand drivers, and rising visitor numbers. The renovation is expected to reinforce the hotel's position as the preferred choice for business and leisure travelers visiting southeastern North Carolina, thereby supporting tourism growth in Winston-Salem.
1754 Properties has a reputation for successful partnerships with various types of investors and has executed over 50 successful investments with partners such as pension plans, private equity firms, international family offices, and middle eastern financial institutions. The firm typically invests in assets ranging from $40 million to $500 million in value.
For media inquiries, Chris Daly can be contacted at (703) 864-5553 or [email protected]. The Marriott Winston-Salem acquisition is one of many investments executed by 1754 Properties, which has a diverse portfolio of investments in various locations. The company has expressed interest in the North Carolina market for some time, and the Marriott Winston-Salem was considered a prime opportunity to acquire a well-performing asset in an unmatchable location.
