“The substantial hotel renovation and repositioning, in addition to Interstate’s operations experience all offer excellent upside for this property in a rebounding market.”
Palm Beach, FL (PRWEB) August 02, 2012
A joint venture comprised of Waramaug Hospitality LLC, Interstate Hotels & Resorts, Inc., and a US-based investment management company has acquired the 295-room Williamsburg Hotel & Conference Center (formerly, the Marriott Hotel Williamsburg). The purchase is the fifth transaction to be funded through a more than $200 million joint venture that was raised by Hospitality Funding, LLC for the purpose of acquiring distressed hospitality assets. The property’s management has been transferred to Interstate, the country’s largest independent hotel management company, and will immediately undergo a $7.5 million comprehensive renovation and conversion to the upper upscale DoubleTree by Hilton brand.
“We continue to build on our strong relationship with Waramaug, a leader in hospitality real estate investments, adding our fourth project with them in the past 17 months,” said Jim Abrahamson, Interstate’s chief executive officer. “With the planned renovation and rebranding, in addition to an ideal location close to significant demand drivers, we expect the hotel to take a leadership position in this market.”
“This hotel offers some of the largest meeting and event space in Williamsburg, is close to all of the major historic, recreational and shopping attractions, and also serves a large nearby corporate base,” said Paul Nussbaum, Waramaug’s chairman and chief executive officer. “The substantial hotel renovation and repositioning, in addition to Interstate’s operations experience all offer excellent upside for this property in a rebounding market.”
Located on 15 wooded acres within the Busch Corporate Center in Williamsburg, Virginia, the hotel is the closest hotel to Busch Gardens and within minutes of Colonial Williamsburg, the College of William & Mary and world-class golf courses, with easy access to both the Richmond and Norfolk airports. The Williamsburg Hotel & Conference Center features 45,000 square feet of meeting space for up to 1,600 people and an auditorium with capacity for more than 700. Other amenities include three dining options, an indoor/outdoor connecting swimming pool, seasonal tennis courts and a full-service fitness and business center.
Hospitality Funding LLC, a Palm Beach, Fla.-headquartered boutique investment firm, focused on raising equity, mezzanine and debt financing for hospitality assets, advised the buyer group on the transaction. For more information on Hospitality Funding’s capital raising capabilities, please contact Jeri Netter Henoch at henoch(at)hospitalityfunding(dot)com or visit http://www.hospitalityfunding.com.
About Waramaug Hospitality
Waramaug Hospitality LLC, headed by Chief Executive Officer Paul Nussbaum, founder of Patriot American Hospitality, is an active acquirer of hotels nationally. Waramaug Hospitality Asset Management LLC, the asset management affiliate of Waramaug Hospitality, has in-depth capabilities and experience in hotel asset management and renovations.
About Interstate Hotels & Resorts
Interstate Hotels & Resorts, Inc., a wholly-owned subsidiary of a 50/50 joint venture between subsidiaries of Thayer Lodging and Jin Jiang, is the leading U.S.-based global hotel management company, operating branded full- and select-service hotels and resorts, conference centers and independent hotels worldwide. Interstate and its affiliates manage and/or have ownership interests in nearly 400 hotels with more than 70,000 rooms in North America, Europe and Asia-Pacific. The Company has ownership in 58 of those hotels, including six wholly owned hotels. In addition, Interstate has executed agreements to manage 45 hotels with more than 8,300 rooms under construction or development throughout the world.