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 •
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.