Waramaug LS Hotels, LLC Forms $150 Million Hotel Acquisition Program
June 27, 2013 1:44pm
BOCA RATON, FLORIDA, JUNE 27, 2013 - Waramaug LS Hotels, LLC, a private investment group and its institutional capital partner, announced today they have acquired the 100-room Courtyard by Marriott Paducah West, in Paducah, Kentucky, through their newly formed hotel acquisition platform. The hotel will remain a Courtyard by Marriott and will be managed by Interstate Hotels and Resorts.
"This hotel has strong investment potential and has been substantially renovated by the previous owner," said Paul Nussbaum, Waramaug LS Hotel's Founder and Managing Partner. He adds, "It represents the type of hotel our new fund seeks to acquire: high quality select service hotels under strong brands and substantially below replacement costs. The Paducah market is a vibrant market, with a range of corporate and leisure demand generators, which attract a broad spectrum of visitors. We believe there is significant upside for this hotel, particularly given its recent renovation."
Waramaug LS Hotels, whose principals include industry veterans Paul Nussbaum and Paul Stern, will focus on acquiring legacy branded select service hotels in strong secondary and tertiary markets throughout the United States. The $150 million fund expects to acquire at least 15 properties over the next eighteen months.
"The partners behind Waramaug along with our asset management team have decades of experience acquiring and repositioning hospitality assets," said Paul Nussbaum. "We will ensure all assets in our portfolio become market leaders and reach their full value potential. We have worked hard to develop a strong asset management platform to execute on our strategy." Adds Paul Stern, a Waramaug principal, "We are actively pursuing acquisitions throughout the country, and have already developed a strong pipeline to fuel our growth."
Contact: Paul Stern, Principal
Contact: Stacy Silver, Silver Hospitality Group
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