Waterton, a U.S. real estate investor and operator, has been retained as manager of the Sheraton Madison Hotel following the company’s recent sale of the property. The management agreement is the first between Waterton and the hotel’s new owner, Chattanooga, Tenn.-based DeFoor Brothers Development, which purchased the property last month from a joint venture of Waterton and Marcus Hotels & Resorts, its previous manager.
“We’re thrilled to grow our portfolio in Madison, which in addition to being a state capital, boasts vibrant academic and business communities,” Byron DeFoor, who co-owns DeFoor Brothers Development with his brother, Ken DeFoor, said in a statement. “The Sheraton Madison is in the heart of it all, establishing the hotel as a top lodging choice for visitors to the area.”
Located at 706 John Nolen Drive, the eight-story Sheraton is 2.5 miles from the University of Wisconsin-Madison campus and a short drive from numerous civic and cultural institutions, including the Wisconsin State Capitol, Alliant Energy Center, Madison Children’s Museum, Henry Vilas Zoo,Olbrich Botanical Gardens and University of Wisconsin-Madison Arboretum.
“Having owned this hotel for nearly a decade, our team was already intimately familiar with the property, its prime location, and the Sheraton brand in general, so the change in management was a seamless one that allowed us to bring our pioneering platform to the Madison market,” Mark Zettl, COO at Waterton, said in a statement. “We look forward to working with DeFoor Brothers Development to further enhance the property and maintain its competitive position in the market.”
Built in 1972, the Sheraton will undergo a multimillion-dollar renovation that will update both guestrooms and corridors. The initial phase is scheduled to begin in August, with completion scheduled for late 2017. A subsequent phase in early 2018 will update the lobby, restaurant and bar areas.
“We plan to maintain the excellent customer service this hotel and the Sheraton brand are known for while making thoughtful improvements designed to enhance the overall guest experience,” Greg Hargrave, GM of the property, said in a statement. “Whether guests are in town for business, leisure or one of the many university functions taking place throughout the year, the Sheraton Madison offers a comfortable stay and highly accessible location.”
Rooms at the Sheraton Madison have complimentary Wi-Fi, flat-screen TVs, and Sheraton Signature Sleep Experience beds. Shared amenities include an indoor pool and whirlpool/hot tub; fully equipped fitness center; computer workstations; and Sheraton Club Lounge. In addition to several nearby restaurants, guests can visit the lobby’s coffee bar as well as the hotel’s Harvest Lounge, a cocktail bar and Heartland Grill, a casual eatery offering traditional American fare. The hotel is adjacent to the Capital City State Trail, a paved 17-mile path that connects to other trails throughout Madison.
Established in 1995, Waterton has experience working with some of the leading names in the hospitality industry, including Starwood Hotels & Resorts Worldwide, InterContinental Hotels Group; Hilton Worldwide, Marriott and Hyatt.
Waterton, in partnership with Marcus Hotels & Resorts, acquired the Sheraton Madison in 2007, retaining an ownership interest until the sale to DeFoor Brothers Development last month. Following the sale, Waterton assumed management of the hotel from Marcus Hotels & Resorts, which is no longer involved in the property.