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Interstate Hotels & Resorts Through a Joint Venture Acquires
the 256-room Crowne Plaza Tampa East in Florida
Property to Undergo a $8.5 million Renovation
|
News for the Hospitality Executive |
| ARLINGTON, Va./TAMPA, Fla., October
28, 2011 - Interstate
Hotels & Resorts, the United States’ largest independent hotel
management
company, today announced that it has acquired the 256-room Crowne Plaza
Tampa
East in Florida through a joint venture with Waramaug Hospitality, LLC
and a
private investment group. Interstate assumed management of the
hotel upon
completion of the acquisition, and the hotel will immediately undergo a
comprehensive $8.5 million renovation. “It is extremely gratifying to earn new
business
from existing partners, and we are thrilled to have this opportunity to
work
with them again,” said Thomas F. Hewitt, Interstate’s chairman and
chief
executive officer. “This new acquisition transaction represents
our
second with Waramaug Hospitality this year, and we look forward to
expanding
our relationship moving forward.” “The Crowne Plaza Tampa East represents a
compelling
investment opportunity, and we fully expect to deliver superior
results,” said
Jim Abrahamson, Interstate’s president and COO. “The hotel’s
location,
adjacent to a thriving business park and close to a number of leisure
demand
generators, greatly enhance the long-term potential of this investment.” Located at 10221 Princess Palm Avenue,
across the street
from Sabal Business Park, one of Tampa’s most attractive office
markets, the
Crowne Plaza is the only full service hotel with a significant amount
of
meeting space in the area. Hotel amenities include a restaurant,
outdoor
swimming pool, business center, recreation and sports court, as well as
30,000
square feet of flexible meeting space. “Based on the performance of our initial
joint venture
transaction with Interstate, we have the utmost confidence in their
continued
ability to deliver superior operating and investment results,” said
Paul Nussbaum, Waramaug’s chief
executive
officer. “We expect to undertake a major $8.5 million renovation
of this
hotel, which will position the property ideally to take full advantage
of an
improving local economy.” Interstate Hotels & Resorts, Inc., a wholly-owned subsidiary of a 50/50 joint venture between subsidiaries of Thayer Lodging and Jin Jiang, is the United States’ leading hotel management company, operating branded full- and select-service hotels and resorts, conference centers and independent hotels worldwide. The company and its affiliates manage and/or have ownership interests in 331 hotels with more than 60,000 rooms in 39 states, the District of Columbia, China, Russia, India, Mexico, Belgium, Canada, Ireland, England and the Netherlands. The company has ownership in 56 of those hotels, including six wholly owned assets. Interstate Hotels & Resorts also has executed agreements for 23 hotels with nearly 5,000 rooms under construction or development throughout the world. For nearly two decades, Interstate Hotels
& Resorts
has been operating hotels outside of the United States. The
company's
global hotel management platforms in Western Europe, Russia, India and
China
provide the resources and infrastructure necessary for comprehensive
hotel
management operations, sales and marketing, revenue management,
e-commerce,
procurement, food and beverage operations and technical services for
hotel
owners and developers seeking a proven and experienced hotel management
company. |
| Contact:
Jerry
Daly, Carol McCune Carrie
McIntyre |