Raleigh, N.C.-based CHD Investments closed on the five-story, 222-room hotel at 7111 Washington Ave., on Monday for an undisclosed price.
Pradeep Sharma, president of CHD Investments, said the company plans on investing at least $7 million in the property to refresh its rooms, common areas, banquet hall and restaurant.
“When Mr. Johnson built this hotel 23 years ago, it was probably the most spectacular property in the entire state,” Sharma said. “It needs new life, new blood and new energy. We want to bring it back to what it once was.”
Renovations will take 12 to 18 months to complete, Sharma said.
CHD purchased the property from Shelton, Conn-based New Castle Hotels and Resorts, the Marriott franchise owner. The property will become a Delta Racine, which has been part of the Marriott brand since April, when Marriott bought the Toronto, Canadian hotel chain, Delta Hotels and Resorts.
Sharma said he was pleased the property could remain a Marriott, since owners were considering converting it to a Holiday Inn. He said while the Delta brand is considered by some to be a notch below the Marriott flag, guests don’t typically see a difference.
CHD started in 2004, with an acquisition of a Quality Inn & Suites in Durham, N.C. Since then, the company has grown its portfolio to 450 rooms across several states. With 222 rooms, the Racine Marriott is a large acquisition.
Sharma said his company likes to seek out Marriott-branded hotels and currently owns two, a Marriott Courtyard in Atlanta and a Marriott in Lumberton, N.C.
“We’ve found guests are very loyal to the Marriott brand and the hotels find innovated ways to meet the guests’ needs,” he said. “The Racine Marriott is one of the most iconic properties we’ve found. It is one of the most well-designed buildings in the region. We got lucky it was available.”