Downtown Winston-Salem's Courtyard by Marriott sells for $16.75 million as Hotel Indigo hits the market

TL;DR

• The 126-room Courtyard by Marriott at 640 W. Fourth St. sold for $16.75 million, per a Forsyth County Register of Deeds filing reported by the Winston-Salem Journal on Aug. 21, 2026.^{1 2}
• The same property sold for $8.48 million on Aug. 14, 2019, before it opened.³
• Days later, the 75-room Hotel Indigo at 104 W. Fourth St. was listed for sale by Berkadia — no asking price, and no sale announced.⁴
• Forsyth County visitor spending was $1.08 billion in 2025, down 0.8% from a record $1.09 billion in 2024; lodging fell the most, down 2% to $208.5 million.⁵
• Yet hotel revenue in the first half of 2026 rose roughly 11% year over year, Visit Winston-Salem told 88.5 WFDD.⁶
• Year-to-date hotel occupancy through September 2025 was 57.5%, softening as new supply outpaced demand.⁷

Two hotels on West Fourth Street in downtown Winston-Salem changed status in August 2026. One sold. One was listed. Here is what the records and reports show, drawn from the Winston-Salem Journal, 88.5 WFDD, the N.C. Department of Commerce, and local planning documents, with sources listed at the end.

The Courtyard sale

The five-story, 126-room hotel property at 640 W. Fourth St. was acquired by EPL Winston LLC and Witness Winston LLC, both affiliates of Witness Properties, according to a Forsyth County Register of Deeds filing reported by the Winston-Salem Journal.^{1 2} Witness Properties is a Chicago-based private-equity and development firm.¹

The Journal reported that the seller was Virtua Winston-Salem Hotel LLC, an affiliate of Virtua Partners, a private-equity real estate firm based in Phoenix.¹

According to the Witness Properties website, cited by the Journal, the firm has developed or purchased more than 20 hotel properties nationwide, primarily in the Midwest and primarily under the Hilton and Marriott brands.¹ The Journal reported that Witness could not immediately be reached for comment on its plans for the property.¹

The hotel includes a full-service restaurant and bar, a swimming pool, a fitness center, a 2,000-square-foot courtyard, and more than 1,500 square feet of meeting and banquet space, according to the Journal.¹ A bar setting is planned for the roof. The Journal reported that the adjacent 750-space public parking deck serves as the hotel's main parking accommodation for guests.¹

The 2019 price

The property last changed hands in 2019. According to a Forsyth County Register of Deeds filing reported by the Journal at the time, the property sold for $8.48 million on Aug. 14, 2019, from developer CCW Hospitality LLC of Winston-Salem, before the hotel opened.³

Virtua Partners announced its purchase of the under-construction hotel on Aug. 22, 2019, according to a company announcement distributed through Hotel News Resource.⁸ Construction had begun in November 2017 on what the Journal reported was projected as an $18 million project.³ The hotel opened in 2020.

The Hotel Indigo listing

Hotel Indigo Winston-Salem Downtown occupies the Pepper Building at 104 W. Fourth St., at the corner of Fourth and Liberty streets. The building was completed in 1928 and is listed on the National Register of Historic Places, according to the Winston-Salem Journal.⁴

Mayfair Street Partners bought the building in 2016, the Journal reported.⁴ The 75-room hotel opened in 2019 following a multi-million-dollar conversion. The property is managed by IMG Hotels and Resorts and operates under IHG's Indigo brand of upscale boutique hotels, according to the Journal.⁴

Berkadia is marketing the property. The Journal reported that no price accompanies the listing.⁴

The hotel houses Sir Winston Restaurant and Wine Loft. Visit Winston-Salem lists the property as a six-story boutique hotel in the center of downtown, near Kaleideum, the Arts District, and Innovation Quarter.⁹

Michael Breedlove, senior public relations and communications manager for Visit Winston-Salem, told 88.5 WFDD that the property will likely remain a hotel, citing its central location and its Art Deco detailing.⁶ No sale has been announced.

Timeline

Date	Event
1928	Pepper Building completed at Fourth and Liberty streets
2016	Mayfair Street Partners purchases the Pepper Building
Nov. 2017	Construction begins on Courtyard by Marriott at 640 W. Fourth St.
Aug. 14, 2019	Courtyard property sells for $8.48 million before opening
2019	Hotel Indigo opens with 75 rooms after conversion
2020	Courtyard by Marriott opens
July 2025	1754 Properties LLC announces acquisition of the 319-room Marriott Winston-Salem downtown for an undisclosed amount
Sept. 2025 (YTD)	Winston-Salem hotel occupancy at 57.5%, ADR flat at $117
Aug. 13, 2026	N.C. Department of Commerce releases 2025 county visitor spending data
Aug. 21, 2026	Courtyard sale for $16.75 million reported
Aug. 24, 2026	Hotel Indigo listing reported
Aug. 26, 2026	Visit Winston-Salem reports roughly 11% hotel revenue increase for first half of 2026

What the tourism numbers show

Visitor spending in Forsyth County totaled $1.08 billion in 2025, a decline of 0.8% from a record $1.09 billion in 2024, according to the annual Visit NC study reported by the Winston-Salem Journal.⁵ Four of the five spending categories measured declined. The category breakdown reported by the Journal:⁵

• Food and beverage: $345.6 million, up 0.8%
• Transportation: $316.4 million, down 0.2%
• Lodging: $208.5 million, down 2%
• Recreation: $132.8 million, down 0.8%
• Retail: $79.5 million, down 1%

The Journal reported two factors in the year-over-year decline: 2025 was the off year for the biennial International Black Theatre Festival, and 2024 spending had been elevated by individuals from western North Carolina staying in Forsyth for extended periods after Hurricane Helene.⁵ For context, the Journal reported that Forsyth visitor spending fell to $527.3 million in 2020 during the COVID-19 pandemic.⁵

Statewide, visitor spending reached $37.2 billion in 2025, a 1.3% increase over 2024, according to the N.C. Department of Commerce; spending increased in 59 of North Carolina's 100 counties.¹⁰ Forsyth County ranks ninth among the state's 100 counties in visitor spending, according to Visit Winston-Salem.⁶

2026 hotel revenue

Visit Winston-Salem reported that Forsyth County hotel revenue in the first six months of 2026 increased roughly 11% compared with the same period in 2025, according to 88.5 WFDD.⁶ Breedlove attributed part of that increase to Winston-Salem hosting the German men's national team training camp during the FIFA World Cup, the International Black Theatre Festival, and corporate travel, WFDD reported.⁶

Occupancy and supply

The Winston-Salem Strategic Action Plan Foundations Report, prepared for the Imagine Winston-Salem planning process sponsored by Greater Winston-Salem Inc. and Visit Winston-Salem, documents hotel market performance using STR and CoStar data.⁷ According to that report:⁷

• Year-to-date occupancy through September 2025 was 57.5%, described as softening as supply growth outpaced demand growth.
• Average daily rate remained flat at $117.
• Weekend occupancy averaged approximately 69% on Friday and Saturday nights, compared with the mid-50% range on weekdays.
• Average daily rate peaked in April 2025 at $129 and in October 2025 at $133, which the report attributes to major regional events including the High Point Furniture Market.
• Short-term rental occupancy held near 60.2%.
• Winston-Salem has approximately 4,725 hotel rooms citywide, with roughly 1,200 within walking distance of the Benton Convention Center in addition to the connected 319-room Marriott and 146-suite Embassy Suites.

The report also identifies a competitive gap. It states that Winston-Salem's room count is comparable to Greensboro's approximately 5,900 rooms and Chattanooga's approximately 4,400 rooms, but that the city lacks the large-scale luxury inventory found in Durham and Greenville, South Carolina.⁷

Downtown hotel ownership has turned over before

The two August transactions are not the first recent change in downtown hotel ownership. In July 2025, 1754 Properties LLC announced it had acquired the 319-room Marriott Winston-Salem, a full-service property in downtown Winston-Salem, for an undisclosed amount, according to a company announcement distributed through Hotel Online.¹¹

What is not yet known

• Witness Properties has not publicly stated its plans for the Courtyard property.
• No buyer, price, or timeline has been announced for Hotel Indigo.
• Neither seller has publicly stated a reason for the transaction.
• The 2026 county-level visitor spending data will not be released until 2027, based on the Visit NC release schedule.

FAQ

How much did the Courtyard by Marriott in downtown Winston-Salem sell for?

$16.75 million, according to a Forsyth County Register of Deeds filing reported by the Winston-Salem Journal on Aug. 21, 2026. The same 126-room property at 640 W. Fourth St. had sold for $8.48 million in August 2019, before it opened.

Who bought the Courtyard by Marriott in Winston-Salem?

EPL Winston LLC and Witness Winston LLC, both affiliates of Witness Properties, a Chicago-based private-equity and development firm, according to the Register of Deeds filing reported by the Winston-Salem Journal. The seller was Virtua Winston-Salem Hotel LLC, an affiliate of Phoenix-based Virtua Partners.

Is the Hotel Indigo in Winston-Salem for sale?

Yes. Commercial real estate firm Berkadia listed the 75-room Hotel Indigo at 104 W. Fourth St. for sale in August 2026, the Winston-Salem Journal reported. No asking price accompanies the listing, and no sale has been announced.

Where is the Hotel Indigo in downtown Winston-Salem located?

It occupies the Pepper Building at 104 W. Fourth St., at the corner of Fourth and Liberty streets. The building was completed in 1928 and is listed on the National Register of Historic Places, according to the Winston-Salem Journal.

Is tourism in Winston-Salem growing or declining?

It is mixed. Visitor spending in Forsyth County was $1.08 billion in 2025, down 0.8% from a record $1.09 billion in 2024, per Visit NC data reported by the Journal. But Visit Winston-Salem told 88.5 WFDD that hotel revenue in the first six months of 2026 rose roughly 11% over the same period in 2025.

How many hotel rooms does Winston-Salem have?

Approximately 4,725 citywide, with roughly 1,200 within walking distance of the Benton Convention Center in addition to the connected 319-room Marriott and 146-suite Embassy Suites, according to the Winston-Salem Strategic Action Plan Foundations Report.

Footnotes

1. Winston-Salem Journal — Richard Craver, "Downtown Winston-Salem hotel property sells for $16.75 million," Aug. 21, 2026 (distributed by Tribune Content Agency; republished at hotel-online.com). Courtyard sale price, buyer and seller affiliates, Witness Properties portfolio, hotel amenities, and parking. ↩ ↩² ↩³ ↩⁴ ↩⁵ ↩⁶ ↩⁷ ↩⁸

2. Forsyth County Register of Deeds filings, as reported by the Winston-Salem Journal. ↩ ↩²

3. Winston-Salem Journal — "Downtown hotel property sold before opening in Winston-Salem," Aug. 22, 2019. The $8.48 million 2019 sale, CCW Hospitality LLC seller, November 2017 construction start, and the projected $18 million project cost. ↩ ↩² ↩³

4. Winston-Salem Journal — John Deem, "'Finely crafted' historic hotel in downtown Winston-Salem is for sale," Aug. 24, 2026. Hotel Indigo listing by Berkadia, Pepper Building history, National Register status, Mayfair Street Partners purchase, and management details. ↩ ↩² ↩³ ↩⁴ ↩⁵

5. Winston-Salem Journal — "Visitor spending in Forsyth County dips slightly in 2025," Aug. 2026. 2025 visitor-spending total and category breakdown, year-over-year decline factors, and the 2020 pandemic figure. ↩ ↩² ↩³ ↩⁴ ↩⁵

6. 88.5 WFDD — David Ford, "Winston-Salem hotels for sale amidst rise in tourism spending," Aug. 26, 2026. Roughly 11% first-half 2026 hotel-revenue increase, drivers of that increase, Breedlove's comments on Hotel Indigo, and Forsyth's ninth-place state ranking. ↩ ↩² ↩³ ↩⁴ ↩⁵

7. Winston-Salem Strategic Action Plan Foundations Report — Imagine Winston-Salem, sponsored by Greater Winston-Salem Inc. and Visit Winston-Salem in partnership with the Winston-Salem Foundation. Hotel occupancy, ADR, weekend/weekday split, room-count totals, and competitive-market comparisons (data sourced to STR and CoStar). ↩ ↩² ↩³ ↩⁴

8. Hotel News Resource — "126 Room Courtyard by Marriott Under Construction in Winston-Salem, NC Sold," Virtua Partners announcement, Aug. 22, 2019. Virtua's purchase of the under-construction hotel. ↩

9. Visit Winston-Salem — Hotel Indigo property listing, visitwinstonsalem.com. Description of the property as a six-story downtown boutique hotel and its proximity to Kaleideum, the Arts District, and Innovation Quarter. ↩

10. N.C. Department of Commerce — "Amid Hurricane Helene Recovery, NC Tourism Spending Charts Variable Growth," Aug. 13, 2026. Statewide $37.2 billion visitor spending and county-level growth distribution. ↩

11. Hotel Online — 1754 Properties LLC acquisition announcement, Marriott Winston-Salem, July 31, 2025. Acquisition of the 319-room downtown Marriott for an undisclosed amount. ↩