Interstate joint venture acquires Williamsburg, Va., conference hotel

Interstate Hotels & Resorts has formed its fourth joint venture with Waramaug Hospitality and a private investment group to acquire the 295-room Williamsburg Hotel & Conference Center. The hotel will immediately undergo a $7.5-million renovation and convert to the DoubleTree by Hilton brand. Interstate will manage the hotel under a long-term contract. The sale price was not disclosed. Located on 15 wooded acres within the Busch Corporate Center in Williamsburg, the hotel is the closest hotel to Busch Gardens and within minutes of Colonial Williamsburg and William & Mary. The hotel has 45,000 square feet of meeting space.

Suggested Articles

The REIT said that it does not expect to see a meaningful increase in demand for its portfolio until there are COVID-19 medical solutions in place.

U.S. occupancy has risen week over week for 15 of the last 16 weeks, although growth in demand has slowed.

A strong balance sheet and the appeal of drive-to destinations is giving the company's leaders reasons for hope.