Virtua Partners, a private equity firm specializing in commercial real estate, has purchased a 126-room Courtyard by Marriott currently under construction in a Winston-Salem, North Carolina opportunity zone. Hotel Equities will manage the Marriott hotel in downtown Winston-Salem when it opens in the first quarter of 2020.
Quinn Palomino, CEO of Virtua Partners, said, “There is an incredible amount of upside for this project, 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.”
She added, “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.”
Hotel Equities is an Atlanta-based hotel ownership, management and development firm operating more than 140 hotels throughout the U.S. and Canada. The firm is providing development services for the Courtyard through the construction process.
Property amenities at the hotel will include a rooftop bar, more than 1,500 square feet of meeting and banquet space, a full-service bistro, swimming pool and fitness center.
Last month, Virtua announced that it had funded three of its opportunity zone projects, including a 71-unit townhome development in Glendale, Arizona; a 90-unit single family rental development in Tempe, Arizona; and a 128-room SpringHill Suites Marriott in Avondale, Arizona.
Virtua Partners and its affiliates sponsor a variety of investment funds and commercial real estate projects across the United States and currently have 16 million square feet of assets under management or development.