Waramaug, Interstate JV Acquires Hilton Concord Hotel
Friday January 3rd, 2014 - 9:54AM E
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CONCORD, CA—A joint venture between Waramaug Hospitality and Interstate Hotels & Resorts acquired the 329-room Hilton Concord here from Interstate, which remains an investor and operator of the hotel.
Paul Nussbaum, Waramaug Hospitality’s founder and managing partner, stated the award-winning hotel “is on the cutting edge of technology and sustainability, which we believe is key to its profitability. By adding this hotel to our group, we raise the bar much higher and know we can expect great things from the Hilton Concord in the years to come.”
The Hilton Concord features a high-efficiency laundry system that conserves water, energy and natural gas, and has installed a Biodigester to divert compostable and recyclable materials from landfills and an extensive recycling program hotelwide. The hotel also installed 100% LED and high-efficiency lighting, a Pelican Wireless HVAC energy-management system, solar window film, Eco-flush water-saving toilets, Energy Star efficient equipment, and Verdafero software to track success. Additionally, Hilton Concord offers their guests and community one of the largest electric vehicle charging stations in Northern California and a concept restaurant, Plate & Vine, which serves locally sourced and regionally inspired cuisine.
“We have a strong familiarity with the Hilton Concord, a long-held asset, and are optimistic for its future in fulfilling our strategic objectives in the market,” stated Leslie Ng, Interstate Hotels & Resorts’ chief investment officer. “We saw a terrific opportunity to bring in a well-known strategic partner to realize future value, and proceeds from the sale will strengthen our balance sheet for subsequent investments.”
The hotel will remain a Hilton property and will continue to be managed by Interstate Hotels & Resorts.
Tags: Waramaug Hospitality • Interstate Hotels & Resorts • Hilton • Hilton Concord • Paul Nussbaum • Leslie Ng • Hospitality • Acquisitions •
When you hear all the lodging industry projections for the months and years to come, much of the robust growth is forecast to be the result of the expected influx of travelers from China. In what could only be seen as good news for the industry, that expectation moved a little closer to reality when President Obama signed a visa waiver extension for Chinese travelers earlier this month.