InTown Suites Buys 4 Properties in Hampton Roads
- Aug 14, 2014
In a $17 million deal, InTown Suites Extended Stay Living has acquired four extended-stay properties in the Hampton Roads region.
According to the Daily Press, the properties are located at 2134 West Mercury Boulevard in Hampton, 11715-B Jefferson Avenue in Newport News, 5649 Lowery Road in Norfolk and 1409 Tintern Street in Chesapeake. All were formerly Savannah Suites.
In a statement, InTown Suites said that it will convert the properties to its apartment-style operating model. Planned enhancements include ultra-high-speed Wi-Fi and 42-inch high-definition TVs. According to InTown Suites’ website, room rates at these properties start at $229.99 per week.
“Across the country, we are retooling InTown by making these and other improvements to provide our guests the most desirable, economical experience in flexible, lease-free living,” said InTown Suites CEO Jonathan Pertchik in a statement.
The acquisition nearly doubles InTown Suites’ presence in the Hampton Roads area to 10 extended-stay hotels, which are located in Chesapeake, Chester, Hampton, Newport News, Norfolk, North Chesterfield and Virginia Beach. InTown Suites’ portfolio currently comprises 139 properties and 17,500 guest rooms in 21 states.
“Expansion into this already successful and profitable market ensures we remain the leading provider of extended-stay value in Hampton Roads,” Pertchik added.
Photo credits: InTown Suites Extended Stay Living