Waramaug LS Hotels, a private investment group focused on acquiring legacy branded hotels throughout the United States, closed on two hotels in a new partnership with Woodmont Lodging.
The properties, located in Northwest Arkansas, are the Holiday Inn Express & Suites Bentonville and the Fairfield Inn & Suites Springdale. The partnership will execute a Formula Blue renovation at the 84-key Holiday Inn Express & Suites while the 74-key Fairfield Inn & Suites recently underwent a full renovation.
“Woodmont Lodging is looking forward to building on this new partnership with Waramaug. We feel that our combined skills will benefit the two properties immensely and result in increased revenue and overall improved guest experience,” said Elliott Estes, principal, Woodmont Lodging. “We base our business on providing capital partners with high-quality strategic execution, reported using easily understandable strategic, operational and financial information. We are confident that our ability to deliver in this manner will allow us to be an effective advisor and partner to Waramaug to reach our goals and ultimate ROI.”
“The hotels that are part of this deal have high visibility and easy access from major roadways which is always a great first step. In addition, Bentonville is the corporate headquarters of Walmart while Springdale is the corporate home of Tyson Foods. We feel that speaks highly of the demand driving traffic to our new hotels and the strength in each market,” said Craig Nussbaum, SVP, Waramaug LS Hotels. “Both markets also have a strong job creation forecast and consistent economic growth coupled with a limited new supply outlook. All of these factors provide excellent future growth potential for our top-line revenue.”
The Holiday Inn Express & Suites Bentonville is a for-floor hotel with 84 guestrooms including 52 single-bedded rooms and 32 double-bedded rooms, built in 1997. The hotel has 943 square feet of executive meeting space – a 414-square-foot board room and a 529-square-foot conference room. The space can accommodate groups up to 50 people. Other hotel amenities include a fitness center as well as a business center. The property has easy access from roadways and surrounding areas. As part of the acquisition, the property will undergo a full renovation.
The recently renovated Fairfield Inn & Suites Springdale is a 74-key hotel with 40 guestrooms and 34 suites. The hotel has a 150-square-foot boardroom that can accommodate up to twelve people, new 32-inch LCD TVs in every guestroom, as well as a fitness center and an indoor swimming pool and whirlpool. In addition, the Fairfield Inn & Suites Springdale is 15-minute drive to the University of Arkansas.