Interstate Hotels & Resorts Forms Joint Venture, Acquires Crowne Plaza Columbus North Hotel in Ohio
Hotel to Undergo Comprehensive Multi-Million Dollar Renovation
"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."
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.
"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."
"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 Aimbridge Hospitality EMEA
Aimbridge EMEA is the International Division of leading US-based global hotel management company, Aimbridge Hospitality. The Aimbridge Hospitality global portfolio, inclusive of managed and pipeline properties, includes approximately 1,500 hotels in 20 countries. The EMEA portfolio, inclusive of pipeline, is made up of 100+ properties. Brands managed by Aimbridge EMEA include Novotel, Adagio, Courtyard, Hilton Garden Inn, Hyatt Place, Radisson, Residence Inn, Staybridge, Mercure, Crowne Plaza, Hotel Indigo, Holiday Inn and Holiday Inn Express, Luxury Collection, Marriott, AC Hotels by Marriott, Hilton, Hampton by Hilton and ibis Hotels. Aimbridge EMEA's portfolio also comprises a number of independent hotels, restaurants and spa and health brands, including Marco Pierre White, Novelli at City Quays and Mamucium. For further information about Aimbridge EMEA visit www.aimbridgeEMEA.com.