William & Mary Real Estate Foundation agrees to purchase Days Inn on Richmond Road
The William & Mary Real Estate Foundation has agreed to purchase the Days Inn, located adjacent to the university’s campus at 902 Richmond Road.
“We’re very happy to announce this agreement,” said Nancy Buchanan, executive director of the W&M Real Estate Foundation. “We’re always interested in property that is adjacent to campus and strategically located, especially when it could represent a mutual benefit to the university and local communities.”
The $3.05-million sale is contingent on the City of Williamsburg rezoning the hotel to allow the real estate foundation and university to use it as student housing. The two-story building, owned by Jalaram of Williamsburg, Inc., is approximately 38,600 square feet (plus a 3,800-square-foot basement) and sits on 1.609 acres. It includes 102 guestrooms. The W&M Real Estate Foundation will now begin the process of requesting the city to rezone the property.
Sam Jones, senior vice president for finance and administration at William & Mary, said the university’s plan is to use the property as student housing for upperclassmen to provide swing space so major renovations can occur at other residence halls on campus. Another potential use for the building, Jones said, is for graduate student housing. Most of the rooms would be single occupancy.
“The Days Inn property is highly desirable for the university and real estate foundation because of its location and potential use as housing for upperclassmen or graduate students,” Jones said. “We also think this purchase will support an important goal for the city by bringing more students into university-operated housing.”