Expect big changes – coming soon – to the 179-room Holiday Inn West Bay. ValStone Partners, LLC, a Michigan-based private equity firm, has acquired the property and plans to "immediately" invest in a multi-million dollar comprehensive hotel renovation — one expected to be completed before the summer 2013 vacation season. Interstate Hotels & Resorts has assumed management of the hotel. A wholly-owned subsidiary of a 50/50 joint venture between subsidiaries of Thayer Lodging and Jin Jiang, Interstate Hotels & Resorts, Inc. manage 372 hotels across North America, Europe and Asia-Pacific and has agreements to manage 45 hotels under construction or development throughout the world. Although no concrete plans have been revealed yet, Gerald C. Timmis, III, senior managing director of ValStone Partners, LLC says, "We are delighted to be investing in this Lake Michigan jewel and contributing to the local economy. Holiday Inn West Bay has been a fixture in the Traverse City community for decades. When we’re finished with the planned improvements, the hotel will be positioned to welcome a whole new generation of travelers to this popular destination resort.”