Interstate has acquired the 265-room Crowne Plaza Tampa East in Florida through a joint venture with Waramaug Hospitality, LLC and a private investment group. Interstate assumed management of the hotel upon completion of the acquisition, and the hotel will immediately undergo a comprehensive $8.5 million renovation.
“It is extremely gratifying to earn new business from existing partners, and we are thrilled to have this opportunity to work with them again,” said Thomas F. Hewitt, Interstate’s chairman and chief executive officer. “This new acquisition transaction represents our second with Waramaug Hospitality this year, and we look forward to expanding our relationship moving forward.”
“The Crowne Plaza Tampa East represents a compelling investment opportunity, and we fully expect to deliver superior results,” said Jim Abrahamson, Interstate’s president and COO. “The hotel’s location, adjacent to a thriving business park and close to a number of leisure demand generators, greatly enhance the long-term potential of this investment.”
Located at 10221 Princess Palm Avenue, across the street from Sabal Business Park, one of Tampa’s most attractive office markets, the Crowne Plaza is the only full service hotel with a significant amount of meeting space in the area. Hotel amenities include a restaurant, outdoor swimming pool, business center, recreation and sports court, as well as 30,000 square feet of flexible meeting space.
“Based on the performance of our initial joint venture transaction with Interstate, we have the utmost confidence in their continued ability to deliver superior operating and investment results,” said PaulNussbaum, Waramaug’s chief executive officer. “We expect to undertake a major $8.5 million renovation of this hotel, which will position the property ideally to take full advantage of an improving local economy.”
Interstate Hotels & Resorts, Inc., a wholly-owned subsidiary of a 50/50 joint venture between subsidiaries of Thayer Lodging and Jin Jiang, is the United States’ leading hotel management company, operating branded full- and select-service hotels and resorts, conference centers and independent hotels worldwide. The company and its affiliates manage and/or have ownership interests in 331 hotels with more than 60,000 rooms in 39 states, the District of Columbia, China, Russia, India, Mexico, Belgium, Canada, Ireland, England and the Netherlands. The company has ownership in 56 of those hotels, including six wholly owned assets. Interstate Hotels & Resorts also has executed agreements for 23 hotels with nearly 5,000rooms under construction or development throughout the world.
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