Interstate,Waramaug JV Buys Orlando-Area Resort
- Jan 22, 2013
In its fifth joint acquisition over the past two years with Waramaug Hospitality, of Washington, Conn., Interstate Hotels & Resorts, of Arlington, Va., has acquired the Radisson Resort Orlando – Celebration, in Celebration, Fla., Interstate announced yesterday. The sale price for the 20-acre, 718-room resort was not disclosed.
The resort, already managed by Interstate under a long-term agreement, will immediately begin a $9 million renovation.
“We plan to embark on a comprehensive renovation where we expect to touch virtually all points in the hotel, including improvements to the rooms, meeting space, public space and recreational facilities,” Leslie Ng, Interstate’s chief investment officer, told Commercial Property Executive.
“Over the years, Interstate has operated and owned numerous resort hotels, in all price segments,” Ng added. “The resort industry in one in which Interstate has deep-rooted experience.”
Hospitality Funding L.L.C., a Palm Beach, Fla.–based boutique investment advisory firm, advised the buyer group on the transaction.
In addition to 6,800 square feet of meeting and event space and five on-site dining venues, the resort features a free-form pool, waterfall, two whirlpools and a 40-foot waterslide running through a rocky grotto, as well as a fitness center, game room, business center, sand volleyball court and two lighted tennis courts.
The four previous Interstate/Waramaug acquisitions were the Williamsburg Hotel & Conference Center (formerly the Marriott Hotel Williamsburg), Williamsburg, Va., in July 2012; Crowne Plaza Columbus North, Columbus, Ohio, in January 2012; Sheraton Tampa East (previously a Crowne Plaza), Tampa, Fla., in October 2011; and the Sheraton Denver Tech Center, in February 2011.
Last July, Edward Blum, Interstate’s executive vice president of development and acquisitions, told CPE that all four hotels will get multi-million-dollar makeovers. “This partnership is looking at turnaround opportunities, and those that we’ve found so far have been in good secondary markets,” said Blum. “And in each case, these properties have been neglected and lacked significant capital improvements.” <www.cpexecutive.com/regions/mid-atlantic/interstate-jv-picks-up-295-room-hotel-near-colonial-williamsburg/>
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