Palm Beach, FL (PRWEB) March 13, 2012
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 Crowne Plaza Columbus North hotel in Columbus, OH. The purchase is the third transaction to be funded through a more than $200 million joint venture that was raised by Palm Beach, FL-based Silver and Associates, LLC for the purpose of acquiring distressed hospitality assets. The property's management has been transferred to Interstate Hotels & Resorts, the country's largest independent hotel management company, and will immediately undergo an 18-month, $5.25 million renovation.
Located at 6500 Doubletree Avenue, the 300-room hotel offers 20,000 square feet of meeting space, a business center, indoor/outdoor swimming pool, fitness room, and on-site restaurant and lobby lounge. The hotel's location is convenient to the area's 20 colleges and universities including Ohio State University, major technology and distribution businesses, and the city's convention center. It also offers easy access to shopping centers and Huntington Ballpark, home of the Cleveland Indians' triple-A baseball team.
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. Silver and Associates is actively seeking new partnerships in the hospitality sector, and invites you to contact Jeri Netter Henoch at netter(at)silverandassoc(dot)com for more information.