Interstate Expands JV, Acquires Orlando Hotel
Monday June 17th, 2013 - 11:38AM EH
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ORLANDO, FL—Expanding its joint venture with Waramaug Hospitality LLC, Interstate Hotels & Resorts has acquired its sixth property with the private investment group—the 382-room Sheraton Orlando North Hotel effective May 22, 2013.
Hospitality Funding LLC, a Palm Beach, Fla.-headquartered boutique investment advisory firm, advised the buyer group on the transaction. The hotel, managed by Interstate under a long-term agreement, will immediately undergo a comprehensive $4.1 million renovation encompassing a property-wide refresh of the guestrooms, hallways, public areas, lobby, food and beverage outlets and meetings spaces.
The Sheraton Orlando North Hotel features a glass-domed atrium with a waterfall surrounded by tropical foliage, as well as 382 guestrooms, 14,000 sq. ft. of meeting space including a 7,500 sq.-ft. ballroom, four dining options, an outdoor pool with water feature, a concierge floor with private Club Lounge, fitness center and Link@Sheraton business center,
Tags: • Hospitality • Acquisitions • Ownership •
The theme of this year’s ALIS conference was “Don’t Worry, Be Happy.” But, lets face it, there are always going to be some people who aren’t happy unless they are worried about something—whether it’s the Fed potentially raising interest rates or that the price of oil is now too low, threatening to cripple the economies of some foreign nations.