Waterton Appointed Manager of Sheraton Madison Hotel in Madison, Wis., Following SaleJune 16, 2017
Waterton, a U.S. real estate investor and operator, today announced it has been retained as manager of the Sheraton Madison Hotel following the company’s recent sale of the property. The management agreement is the first between Waterton and the hotel’s new owner, Chattanooga, Tenn.-based DeFoor Brothers Development, which purchased the property last month from a joint venture of Waterton and Marcus Hotels & Resorts, its previous manager.
“We’re thrilled to grow our portfolio in Madison, which in addition to being a state capital, boasts vibrant academic and business communities,” said Byron DeFoor, who co-owns DeFoor Brothers Development with his brother, Ken DeFoor. “The Sheraton Madison is in the heart of it all, establishing the hotel as a top lodging choice for visitors to the area.”
Located at 706 John Nolen Drive, the eight-story Sheraton is just 2.5 miles from the University of Wisconsin-Madison campus and a short drive from numerous civic and cultural institutions, including the Wisconsin State Capitol, Alliant Energy Center, Madison Children’s Museum, Henry Vilas Zoo, Olbrich Botanical Gardens and University of Wisconsin-Madison Arboretum.
“Having owned this hotel for nearly a decade, our team was already intimately familiar with the property, its prime location, and the Sheraton brand in general, so the change in management was a seamless one that allowed us to bring our pioneering platform to the Madison market,” said Mark Zettl, chief operating officer at Waterton. “We look forward to working with DeFoor Brothers Development to further enhance the property and maintain its competitive position in the market.”
Built in 1972, the Sheraton will undergo a multimillion-dollar renovation that will update both guestrooms and corridors. The initial phase is scheduled to begin in August, with completion scheduled for late 2017. A subsequent phase in early 2018 will update the lobby, restaurant and bar areas.
“We plan to maintain the excellent customer service this hotel and the Sheraton brand are known for while making thoughtful improvements designed to enhance the overall guest experience,” said Greg Hargrave, general manager of the property. “Whether guests are in town for business, leisure or one of the many university functions taking place throughout the year, the Sheraton Madison offers a comfortable stay and highly accessible location.”
Rooms at the Sheraton Madison feature complimentary Wi-Fi, flat-screen TVs, and Sheraton Signature Sleep Experience beds. Shared amenities include an indoor pool and whirlpool/hot tub; fully equipped fitness center; computer workstations; and Sheraton Club Lounge. In addition to several nearby restaurants, guests can visit the lobby’s coffee bar as well as the hotel’s Harvest Lounge, a cocktail bar, and Heartland Grill, a casual eatery offering traditional American fare. The hotel is adjacent to the Capital City State Trail, a paved 17-mile path that connects to other trails throughout Madison.
Established in 1995, Waterton has experience working with some of the leading names in the hospitality industry, including Starwood Hotels & Resorts Worldwide Inc., owner of the Sheraton brand; InterContinental Hotels Group; Hilton Worldwide; Marriott; and Hyatt.
Waterton, in partnership with Marcus Hotels & Resorts, acquired the Sheraton Madison in 2007, retaining an ownership interest until the sale to DeFoor Brothers Development last month. Following the sale, Waterton assumed management of the hotel from Marcus Hotels & Resorts, which is no longer involved in the property.
For more information about the Sheraton Madison, visit www.sheratonmadison.com.
Waterton is a real estate investor and operator with a focus on U.S. multifamily and hospitality properties. Founded in 1995 by David Schwartz and Peter Vilim, Waterton executes value-add strategies and manages a national portfolio of multifamily and hospitality properties on behalf of institutional investors, family offices and financial institutions.
Waterton has an expertise in selecting and managing attractive risk-adjusted real estate investments located in major markets around the United States. Since its formation, the company has invested over $5.3 billion in assets. Waterton is privately held by its co-founders and is headquartered in Chicago with regional offices throughout the United States. Currently, Waterton’s portfolio includes over $4.0 billion in assets, including approximately 20,000 multifamily units and 13 hotels. Visit Waterton’s new website: www.waterton.com.
About DeFoor Brothers:
Ken and Byron DeFoor, the principals of DeFoor Brothers Development, have more than 30 years of real estate development in the greater Chattanooga area. Their portfolio and development experience includes mixed-use lifestyle centers, hotels, office buildings, shopping centers, subdivisions and health care-related entities. For more information, visit: www.defoorbrothers.com.
About Sheraton Hotels & Resorts:
With more than 435 hotels and 88 resorts now open in more than 70 countries around the world, Starwood’s Sheraton Hotels & Resorts remain at the forefront of the industry. The Sheraton brand is forward thinking and ever changing, but loyal to the solid foundation and inherent values that make Sheraton who it is. For more information, please visit www.sheratonhotels.com. Sheraton, like all brands within Starwood’s portfolio, is proud to offer the Starwood Preferred Guest® program, the industry’s richest loyalty program. To learn more, please visit www.spg.com.