Interstate Hotels & Resorts Expands Joint Venture, Acquires Orlando, Fla. Resort
Interstate Enters into the Fifth Acquisition with Waramaug Hospitality
Interstate Hotels & Resorts has expanded its portfolio with the addition of the Radisson Resort Orlando –Celebration. The acquisition of the 718-room resort, located inCelebration, Fla., is a result of a joint venture with Waramaug Hospitality LLC and a private investment group, increasing Interstate's portfolio with Waramaug to five hotels. Hospitality Funding LLC, aPalm Beach, Fla.-headquartered boutique investment advisory firm, advised the buyer group on the transaction. The resort, managed by Interstate under a long term agreement, will immediately undergo a comprehensive$9 millionrenovation.
"This is the company's fifth acquisition with Waramaug and our investment partner over the past two years and the previous four acquisitions have been incredibly successful," saidJim Abrahamson, Interstate's chief executive officer. "We're looking forward to another beneficial partnership with such a strong leader in hospitality real estate investments and with the planned improvements, this hotel will reach its full potential and assume a larger leadership role in this market."
"As one of the top tourist destinations inFlorida,Orlandowas a natural choice for the hotel's location and the Radisson Resort Orlando is minutes away from the city's top attractions," saidPaul Nussbaum, Waramaug Hospitality's chief executive officer. "With the prime setting and the approaching renovations, this hotel will thrive under Interstate's operating expertise."
Hotel renovations will consist of upgrades and enhancements to all 718 guest rooms, public areas, meeting space and mechanical systems.
Visitors toCelebrationare immediately enchanted by its classic architecture, nostalgic hometown charm and walking village design. Encouraging guests to "celebrate the spirit" of true southern hospitality, the resort is located minutes away fromOrlando's theme parks, cinema, boutiques and restaurants. Nearby, hot air balloon rides, airboat tours through the Everglades, golf courses, nature paths, horseback riding and fishing entertain guests. Encompassing 20 beautifully landscaped acres, the focal point of the Radisson Resort Orlando –Celebrationis a stunning free-form pool, waterfall, two whirlpools and a 40-foot waterslide running through a rocky grotto. Additional amenities include a newly remodeled fitness center, game room, business center, 6,800 square feet of flexible meeting and event space, five on-site dining options, a sand volleyball court and two lighted tennis courts.
For more information about the Radisson Resort Orlando – Celebration, visit www.radisson.com or call 1-800-967-9033 for reservations.
Waramaug Hospitality LLC, headed by Chief Executive OfficerPaul Nussbaum, founder of Patriot American Hospitality, is an active acquirer of hotels internationally. Waramaug Hospitality Asset Management LLC, the asset management affiliate of Waramaug Hospitality, has in-depth capabilities and experience in hotel asset management and renovation.Jay Litt, a former Executive Vice President of Wyndham International, leads the company's asset management responsibilities.
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.
