Waramaug LS Hotels Acquires First Asset in New Fund
Thursday June 27th, 2013 - 9:44AM IZB
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PADUCAH, KY—Through its newly formed hotel-acquisition platform, Waramaug LS Hotels, LLC, acquired the 100-room Courtyard by Marriott Paducah West.
The hotel will remain a Courtyard by Marriott and will be managed by Interstate Hotels and Resorts.
“This hotel has strong investment potential and has been substantially renovated by the previous owner,” said Paul Nussbaum, Waramaug LS Hotel’s founder and managing partner. “It represents the type of hotel our new fund seeks to acquire: high-quality, select-service hotels under strong brands and substantially below replacement costs.”
Waramaug LS Hotels, whose principals include industry veterans Paul Nussbaum and Paul Stern, will focus on acquiring legacy-branded, select-service hotels in strong secondary and tertiary markets throughout the United States.
The $150 million fund expects to acquire at least 15 properties over the next 18 months.
Tags: • Hospitality • Brands • FF+E/Purchasing • Investment Funds •
For the past few years, the talk of The Lodging Conference in Phoenix had been focused on the economic recovery, solid industry projections and “cautious optimism.” With the word cautious no longer necessary, the economic outlook took a backseat this year to the seemingly unending parade of new lifestyle brands.