Virtua Partners Finalizes Purchase of 126-Room Courtyard by Marriott in Winston-Salem, North Carolina
Virtua Partners announced the purchase of a 126-room Courtyard by Marriott under construction in Winston-Salem, North Carolina. Hotel Equities will manage the Marriott hotel in downtown Winston-Salem when it opens in Q1 2020. Hotel Equities and Virtua Partners joined forces last year to expand upon their current hospitality portfolio through new development and acquisition opportunities. Hotel Equities is providing development services for the Courtyard through the construction process and will see it through completion.
Located at 640 W. 4th Street in the heart of Winston-Salem, the Courtyard will feature a rooftop bar with views of the surrounding downtown area. As the home of Wake Forest University and numerous corporate headquarters including banking firm BB&T, Winston-Salem enjoys its status as both a college town and a business and medical hub.
"This transaction is a perfect example of what the strategic partnership between Hotel Equities and Virtua Partners was designed for," said Joe Reardon, Hotel Equities' chief development officer. "Our experience in identifying opportunities and the ability to provide equity and debt solutions through our partnership makes us a force in acquisitions and development. The new Courtyard in Winston-Salem will feature upscale accommodations and a rooftop bar overlooking the thriving downtown market. The community is dialed-in on the hotel's construction progress and anticipating opening day of the unique Courtyard by Marriott."
The Courtyard is also significant because it is among the first hospitality projects in the country to be built as an Opportunity Zone development - a recent legislative program designed to stimulate local economies through long-term investment from private capital. "There is an incredible amount of upside for this project," says Quinn Palomino, CEO of Virtua Partners, "whether it be to the Winston-Salem community, the people who will be employed through construction and full-time hospitality jobs or the investors who chose to finance this project. When combined, the demand drivers of the Winston-Salem community, the management expertise of Hotel Equities and the tax breaks of the Opportunity Zone program all serve to optimize this property's potential."
The hotel also will feature an expansive courtyard and more than 1,500 square feet of meeting and banquet space in a building architecturally designed to complement adjacent properties and the surrounding neighborhood. In addition to the hotel's rooftop terrace with panoramic views of the city, amenities will include a full-service bistro, swimming pool and fitness center.
Marriott International, Inc. (NASDAQ: MAR) is a global leading lodging company based in Bethesda,Maryland, USA, with more than 4,200 properties in 80 countries and territories. Marriott International reported revenues of nearly $14 billion in fiscal year 2014. The company operates and franchises hotels and licenses vacation ownership resorts under 19 brands, including: The Ritz-Carlton®, BVlgari®, EDITION®, JW Marriott®, Autograph Collection® Hotels, Renaissance® Hotels, Marriott Hotels®, Delta Hotels and Resorts®, Marriott Executive Apartments®, Marriott Vacation Club®, Gaylord Hotels®, AC Hotels by Marriott®, Courtyard®, Residence Inn®, SpringHill Suites®, Fairfield Inn & Suites®, TownePlace Suites®, Protea Hotels® and MoxyHotels®. Marriott has been consistently recognized as a top employer and for its superior business ethics. The company also manages the award-winning guest loyalty program, Marriott Rewards® and The Ritz-Carlton Rewards® program, which together surpass 50 million members. For more information or reservations, please visit our website at 
