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 •
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