Interstate Hotels & Resorts (Merged Meristar & Interstate)

Expanding its joint venture with Waramaug Hospitality, Interstate Hotels & Resorts announces its sixth acquisition with Waramaug Hospitality LLC and a private investment group of the 382-room Sheraton Orlando North Hotel effective May 22, 2013.Hospitality Funding LLC, a Palm Beach, Fla.-headquartered boutique investmentadvisory firm, advised the buyer group on the transaction.The hotel, managed by Interstate under a long-term agreement, will immediately undergo a comprehensive $4.1 million renovation encompassing a property-wide refresh of the guestrooms, hallways, public areas, lobby, food and beverage outlets and meetings spaces.

"Part of Interstate's success is attributed to the strategic relationships the Company has fostered throughout the industry, and joint ventures like our agreement with Waramaug are evidence of these solid connections," said Jim Abrahamson, Interstate's chief executive officer. "This is our sixth agreement with Waramaug – the second in 2013 – and Interstate is enthusiastic to maximize this hotel's potential and profitability for our investment partners."

"With significant hotel transition experience worldwide, we're confident that Interstate's ignition process, our proprietary property transition program, along with our experienced operators and regional corporate teams will produce a seamlessly executed conversion," said Leslie Ng, Interstate's chief investment officer. "With the planned renovations and strong market projections, we're eager to lead the Sheraton Orlando North Hotel to a successful bottom line."

"The fundamentals are strong in this market and we anticipate a significant upside potential, especially with the upcoming refresh," said Paul Nussbaum, Waramaug's chief executive officer. "Working with Interstate has proven successful in the last five endeavors and we're eager to see the Sheraton Orlando North Hotel gain more market share."

The Sheraton Orlando North Hotel features a glass-domed atrium with a captivating waterfall surrounded by tropical foliage. With 382 guestrooms, 14,000 square feet of meeting space including a 7,500 square foot ballroom, four dining options, an outdoor pool with water feature, a concierge floor with private Club Lounge, fitness center and Link@Sheraton business center, the hotel invites travelers to relax in warm ambiance and Sheraton Sweet Sleeper™ beds.

For more information about the Sheraton Orlando North Hotel, visit www.sheratonorlandonorth.com or call 1-800-325-3535 for reservations.

Waramaug Hospitality LLC, headed by Chief Executive Officer Paul 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.

Samantha Schmidt/ Erin Vogt
The Zimmerman Agency
850.668.2222
Aimbridge EMEA