Interstate Hotels & Resorts and Waramaug Hospitality LLC, an Arlington-based investment firm, recently bought the Williamsburg Hotel and Conference Center for $12 million, according to the Williamsburg-Yorktown Daily. The firm has plans to renovate and convert it into a DoubleTree, an upscale Hilton hotel chain. The property, located near Busch Gardens and Kingsmill, has changed hands three times in the last nine years, the value decreasing each time; it sold for $23 million in 2003.

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