ORLANDO, Fla.—Expanding its joint venture, Interstate Hotels and Resorts announced its sixth acquisition with Waramaug Hospitality to buy the 382-room Sheraton Orlando North Hotel. Hospitality Funding, 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.
“Part of Interstate’s success is attributed to the strategic relationships the company has fostered throughout the industry, and joint ventures like our agreement with Waramaug are evidence of these solid connections,” said Jim Abrahamson, Interstate’s chief executive officer. “This is our sixth agreement with Waramaug – the second in 2013 – and Interstate is enthusiastic to maximize this hotel’s potential and profitability for our investment partners.”
“The fundamentals are strong in this market and we anticipate a significant upside potential, especially with the upcoming refresh,” said Paul Nussbaum, Waramaug’s chief executive officer. “Working with Interstate has proven successful in the last five endeavors and we’re eager to see the Sheraton Orlando North Hotel gain more market share.”
The Sheraton Orlando North Hotel features 382 guestrooms, 14,000 square feet of meeting space including a 7,500 square foot ballroom, four dining options, an outdoor pool with water feature, a concierge floor with private Club Lounge, fitness center, and a Link@Sheraton business center.