StepStone Hospitality today announced the acquisition of the Hampton Inn Burlington, Vt., as part of a joint-venture partnership with Garrison Investment Group. Rhode Island-based StepStone is a hospitality management company specializing in hotel and restaurant operations.
“The Burlington market is multifaceted and offers excellent opportunities,” said Thomas Russo, chief executive officer, StepStone Hospitality. "Our strategy is to grow our portfolio through management opportunities as well as opportunities where we can participate in ownership. We see great potential in this property thanks to a local economy that is boosted by international travel, strong tourism, government entities, and educational institutions such as the University of Vermont.”
Located off Interstate 89 in Colchester, Vt., the hotel offers 187 guest rooms and suites, along with more than 6,000 sq. ft. of meeting space, which accommodates up to 275 guests for events. Guest rooms feature the clean and fresh Hampton bed®, 37-inch high-definition television, comfortable chair, convenient lap desk, mini-refrigerator and microwave oven. Each guest room is equipped with free high-speed Internet access and an in-room coffeemaker. The hotel has a non-smoking policy with designated outdoor smoking areas. Additional amenities include an indoor saltwater swimming pool and a fitness center.
Guests of the hotel are provided free hot breakfast daily in the dining area or for a quick, healthy meal to go, a complimentary Hampton On the Run® Breakfast Bag is available weekdays. Lunch and dinner are provided in the adjacent Lighthouse Restaurant and Lounge or at a number of nearby restaurants.
An extensive renovation is planned for late 2014. Updates will include the "Hampton Forever Young" initiative, a multifunctional, convenient and comfortable concept which features: modernized bathrooms with a clean, white design; movable desks and ottomans, allowing travelers to create a personalized space; uniquely positioned power outlets for staying connected on-the-go; upgraded furnishings; streamlined furniture and in-room features such as a mini-fridge and wire baskets to store items.
The Burlington area is rich with the natural beauty of Lake Champlain, and the Adirondack and Green mountains. Stowe and Sugarbush ski areas are a short drive away, as is the city of Shelburne, home to the Vermont Teddy Bear Factory and the Shelburne Museum. The museum houses 150,000 works of art that are displayed in 39 buildings on 45 acres of scenic property. The Ben & Jerry’s ice cream factory in Waterbury is just 30 miles away.
Burlington is the Chittenden County seat and the largest city in Vermont. Corporate headquarters located in Burlington include Burton Snowboards, Bruegger's, Seventh Generation Inc. and Lake Champlain Chocolates. The city is located just south of the U.S.-Canadian border, 45 miles from Quebec and 94 miles from Montreal.
StepStone Hospitality currently manages hotels under several brands, including Hampton Inn, Courtyard by Marriott, Doubletree, Hotel Indigo, Marriott, Residence Inn, Wyndam and independent properties. The complete StepStone Hospitality portfolio is available at www.stepstonehospitality.com.
About StepStone Hospitality
Founded in 2007, StepStone Hospitality specializes in management for hotel and restaurant operations. The company provides a unique combination of strong, hands-on operations, world-class strategic asset management, and food and beverage expertise, maintaining a balanced focus between revenue enhancement, margin expansion and guest satisfaction. Details are available at www.stepstonehospitality.com.
About Garrison Investment Group
Garrison Investment Group is a leading U.S. credit and asset-based investor with $3.5 billion of assets under management. The firm invests across a wide range of asset classes including middle market corporate loans, commercial & industrial loans, consumer loans, and commercial real estate. Garrison is based in New York and has a team of 73 employees (43 investment professionals).