Interstate Hotels & Resorts Expands Joint Venture, Acquires Orlando, Fla. Resort
Interstate Enters into the Fifth Acquisition with Waramaug Hospitality
ARLINGTON, Va., Jan. 21, 2013 /PRNewswire/ -- Interstate Hotels & Resorts has expanded its portfolio with the addition of the Radisson Resort Orlando – Celebration. The acquisition of the 718-room resort, located in Celebration, Fla., is a result of a joint venture with Waramaug Hospitality LLC and a private investment group, increasing Interstate's portfolio with Waramaug to five hotels. Hospitality Funding LLC, a Palm Beach, Fla.-headquartered boutique investment advisory firm, advised the buyer group on the transaction. The resort, managed by Interstate under a long term agreement, will immediately undergo a comprehensive $9 million renovation.
"This is the company's fifth acquisition with Waramaug and our investment partner over the past two years and the previous four acquisitions have been incredibly successful," said Jim Abrahamson, Interstate's chief executive officer. "We're looking forward to another beneficial partnership with such a strong leader in hospitality real estate investments and with the planned improvements, this hotel will reach its full potential and assume a larger leadership role in this market."
"As one of the top tourist destinations in Florida, Orlando was a natural choice for the hotel's location and the Radisson Resort Orlando is minutes away from the city's top attractions," said Paul Nussbaum, Waramaug Hospitality's chief executive officer. "With the prime setting and the approaching renovations, this hotel will thrive under Interstate's operating expertise."
Hotel renovations will consist of upgrades and enhancements to all 718 guest rooms, public areas, meeting space and mechanical systems.
Visitors to Celebration are immediately enchanted by its classic architecture, nostalgic hometown charm and walking village design. Encouraging guests to "celebrate the spirit" of true southern hospitality, the resort is located minutes away from Orlando's theme parks, cinema, boutiques and restaurants. Nearby, hot air balloon rides, airboat tours through the Everglades, golf courses, nature paths, horseback riding and fishing entertain guests. Encompassing 20 beautifully landscaped acres, the focal point of the Radisson Resort Orlando – Celebration is a stunning free-form pool, waterfall, two whirlpools and a 40-foot waterslide running through a rocky grotto. Additional amenities include a newly remodeled fitness center, game room, business center, 6,800 square feet of flexible meeting and event space, five on-site dining options, a sand volleyball court and two lighted tennis courts.
For more information about the Radisson Resort Orlando – Celebration, visit www.radisson.com or call 1-800-967-9033 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 375 hotels with more than 70,000 rooms in North America, Europe and Asia-Pacific, including six wholly owned hotels. In addition, Interstate has executed agreements to manage 36 hotels with nearly 7,200 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
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