Interstate Hotels & Resorts Expands Joint Venture, Acquires Orlando, Fla. Hotel Interstate Enters into the Sixth Acquisition with Waramaug Hospitality
ARLINGTON, Va. and ORLANDO, Fla., June 17, 2013 /PRNewswire/ -- Expanding its joint venture with Waramaug Hospitality, Interstate Hotels & Resorts announces its sixth acquisition with Waramaug Hospitality LLC and a private investment group of the 382-room Sheraton Orlando North Hotel effective May 22, 2013. Hospitality Funding LLC, a Palm Beach, Fla.-headquartered boutique investment advisory firm, advised the buyer group on the transaction. The hotel, managed by Interstate under a long-term agreement, will immediately undergo a comprehensive $4.1 million renovation encompassing a property-wide refresh of the guestrooms, hallways, public areas, lobby, food and beverage outlets and meetings spaces.
"Part of Interstate's success is attributed to the strategic relationships the Company has fostered throughout the industry, and joint ventures like our agreement with Waramaug are evidence of these solid connections," said Jim Abrahamson, Interstate's chief executive officer. "This is our sixth agreement with Waramaug – the second in 2013 – and Interstate is enthusiastic to maximize this hotel's potential and profitability for our investment partners."
"With significant hotel transition experience worldwide, we're confident that Interstate's ignition process, our proprietary property transition program, along with our experienced operators and regional corporate teams will produce a seamlessly executed conversion," said Leslie Ng, Interstate's chief investment officer. "With the planned renovations and strong market projections, we're eager to lead the Sheraton Orlando North Hotel to a successful bottom line."
"The fundamentals are strong in this market and we anticipate a significant upside potential, especially with the upcoming refresh," said Paul Nussbaum, Waramaug's chief executive officer. "Working with Interstate has proven successful in the last five endeavors and we're eager to see the Sheraton Orlando North Hotel gain more market share."
The Sheraton Orlando North Hotel features a glass-domed atrium with a captivating waterfall surrounded by tropical foliage. With 382 guestrooms, 14,000 square feet of meeting space including a 7,500 square foot ballroom, four dining options, an outdoor pool with water feature, a concierge floor with private Club Lounge, fitness center and Link@Sheraton business center, the hotel invites travelers to relax in warm ambiance and Sheraton Sweet Sleeper™ beds.
For more information about the Sheraton Orlando North Hotel, visit www.sheratonorlandonorth.com or call 1-800-325-3535 for reservations.
About Interstate Hotels & Resorts
Interstate Hotels & Resorts, Inc., a wholly-owned subsidiary of a 50/50 joint venture between subsidiaries of Thayer Lodging and Jin Jiang, is the leading U.S.-based global hotel management company, operating branded full- and select-service hotels and resorts, convention centers and independent hotels worldwide. Interstate and its affiliates manage 353 hotels with more than 67,000 rooms in North America, Europe and Asia-Pacific, including six wholly owned hotels. In addition, Interstate has executed agreements to manage 38 hotels with more than 7,300 rooms under construction or development throughout the world. For more information, please visit www.interstatehotels.com. Connect with Interstate at www.linkedin.com/company/interstate-hotels-resorts, www.facebook.com/InterstateHotels, and http://jobs.interstatehotels.com.
About Waramaug Hospitality LLC and Waramaug Hospitality Asset Management LLC
Waramaug Hospitality LLC, headed by Chief Executive Officer Paul Nussbaum, founder of Patriot American Hospitality, is an active acquirer of hotels internationally. Waramaug Hospitality Asset Management LLC, the asset management affiliate of Waramaug Hospitality, has in-depth capabilities and experience in hotel asset management and renovation. Jay Litt, a former Executive Vice President of Wyndham International, leads the company's asset management responsibilities.
SOURCE Interstate Hotels & Resorts