BETHESDA, MD—Hotel investment company Woodmont Lodging has closed on two hotels in a new partnership with Florida-based Waramaug LS Hotels, a private investment group focused on acquiring legacy-branded hotels throughout the United States.
The properties, located in northwest Arkansas, include the Holiday Inn Express & Suites Bentonville and the Fairfield Inn & Suites Springdale. The partnership will execute a renovation at the 84-key Holiday Inn Express; the 74-key Fairfield Inn recently underwent a full renovation.
“Woodmont Lodging is looking forward to building on this new partnership with Waramaug. We feel our combined skills will benefit the two properties immensely and result in increased revenue and overall improved guest experience,” said Elliott Estes, principal of Woodmont Lodging.
“The hotels that are part of this deal have high visibility and easy access from major roadways which is always a great first step,” said Craig Nussbaum, SVP/Waramaug LS Hotels. “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. Both markets also have a strong job creation forecast and consistent economic growth coupled with a limited new supply outlook.”
The Holiday Inn Express & Suites Bentonville is a four-story hotel built in 1997 and offers 943 sq. ft. of meeting space, a fitness center and a business center.
The Fairfield Inn & Suites Springdale features a 150-sq.-ft. boardroom that can accommodate up to 12 persons; new 32-inch LCD televisions in every guestroom; a fitness center; and indoor swimming pool and whirlpool.