Acquisition of the Crowne Plaza Tampa East

$200 million in Joint Venture Capital Raised by Silver and Associates

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Greenwich, CT (PRWEB) November 12, 2011

A joint venture comprised of Waramaug Hospitality LLC, led by industry veteran Paul Nussbaum, Interstate Hotels & Resorts, Inc., and a US-based investment management company closed on the purchase of the Tampa East Crowne Plaza Hotel. The purchase is the second that has been funded through a more than $200 million joint venture that was raised by Greenwich, CT-based Silver and Associates, LLC for the purpose of acquiring distressed hospitality assets.

Located adjacent to the Sabal Business Park and near many businesses and visitor attractions, the 269-room hotel offers over 30,000 square feet of flexible event space, more than any other full-service hotel in the area. The hotel also contains a business center, outdoor swimming pool, recreation and sports court, fitness center, and restaurant. The property's management has been transferred to Interstate Hotels & Resorts, the country's largest independent hotel management company, and will immediately undergo a comprehensive $8.5 million renovation.

Mr. Nussbaum served as Founder, Chairman & Chief Executive Officer of Patriot American Hospitality, Inc., a paired shared real estate trust (and its predecessor Patriot American Group) that owned the Wyndham, Grand Bay, Maimaison, Summerfield, and Clubhouse proprietary brands.

Silver and Associates, LLC is a boutique investment bank that specializes in raising capital for platform companies and asset acquisitions in the real estate industry.

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