Waterton has been retained as manager of the Sheraton Madison Hotel in Madison, Wisconsin, 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.
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.
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.