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Interstate Hotels & Resorts Acquires the 300-room Crowne Plaza Columbus
North Hotel in Ohio Through a Joint Venture with Waramaug Hospitality
Hotel to Undergo $5.25 Million Dollar Renovation
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News for the Hospitality Executive |
 ARLINGTON, Va./COLUMBUS, Ohio, January 20,
2012
—Interstate Hotels & Resorts, the largest U.S.-based global hotel
management company, today announced that it has acquired the 300-room
Crowne
Plaza Columbus North hotel through a joint venture with Waramaug
Hospitality,
LLC and a private investment group. The hotel will remain as a
Crowne
Plaza and immediately undergo a $5.25 million renovation.“This is the company’s third acquisition transaction with Waramaug since last year,” said Jim Abrahamson, Interstate’s chief executive officer. “We look forward to continuing our partnership with a leader in the real estate investment industry and to future opportunities together.” “This hotel has strong investment potential, especially considering the improving fundamentals of the Columbus market and the hotel’s competitive positioning,” said Leslie Ng, Interstate’s chief investment officer. “With the planned comprehensive renovation, including a complete upgrade to the nearly 20,000-square-feet of meeting space, we expect this upscale hotel to reach its full potential and assume a larger leadership role in this market.” Located at 6500 Doubletree Avenue, the Crowne Plaza Columbus North is convenient to the area’s 20 colleges and universities including The Ohio State University, major technology and distribution businesses, and the city’s convention center. It also offers easy access to shopping centers and Huntington Ballpark, home of the Cleveland Indians’ triple-A baseball team. “Columbus is a very attractive market, and the hotel is ideally situated, proximate to a number of demand drivers,” said Paul Nussbaum, Waramaug’s chief executive officer. “Based on our previous experience with Interstate, we’re confident that their operating expertise, combined with the planned property improvements, will drive superior operating and investment results.” In addition to the generous meeting space, the eight-story hotel offers an on-site restaurant and lobby lounge, fitness room, indoor/outdoor pool, business center and complimentary high-speed internet access. 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 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 nearly 400 hotels with more than 70,000 rooms in 40 states, the District of Columbia, China, Russia, India, Mexico, Belgium, Canada, Ireland, England and the Netherlands. The company has ownership in 58 of those hotels, including six wholly owned hotels. Interstate Hotels & Resorts also has executed agreements for 25 hotels with more than 5,100 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. For additional information about Interstate, visit the company’s website: www.ihrco.com. |
| Contact:
Jerry
Daly, Lauralee Dobbins Media Daly Gray (703) 435-6293 [email protected] Carrie McIntyre SVP, Treasurer Interstate Hotels & Resorts (703) 387-3320 [email protected] |