Virga Capital, in partnership with Resolute Road Hospitality, has acquired the Residence Inn by Marriott Boise (Idaho) West. Terms of the transaction were not disclosed.
The acquisition marks Virga Capital's initial hospitality investment in Boise, with the company intending to expand the company's presence throughout the Intermountain West.
Boise was recently recognized as one of the 12 Best Places to Live in the nation, solidifying its position as a dynamic hub for growth and opportunity, and tourism has grown to the third-largest industry in the state, bringing in over $3.7 billion annually, per the U.S. Travel Association.
"It's exciting to expand our hospitality footprint into Boise as this market continues to grow," Virga Capital CEO Rob Lateiner said in a statement. "Partnering with a respected management company like Resolute Road Hospitality aligns perfectly with our commitment to providing exceptional on-the-ground service and in line with Marriott's high standards for guest experience."
"We are delighted to announce our partnership with Virga Capital and assume management of the Residence Inn Boise West," said Gary Horton, president of Resolute Road Hospitality. "We look forward to delivering exceptional guest experiences while maximizing the hotel's value in Boise's vibrant hospitality market."
The companies are planning a renovation of both the interior and exterior of the Residence Inn.
The 104-key Residence Inn is near Boise State University, Boise Towne Square mall, Boise Airport, Downtown Boise and Micron Technology.