Interstate enters into the sixth acquisition with Waramaug Hospitality.
ARLINGTON, VA. and ORLANDO, FLA. – 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.
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