DALLAS and MIAMI—Waramaug Hospitality, a privately held investment firm focused on premium-branded select-service and full-service hotels, announced an agreement for an investment in the company’s asset management platform, Waramaug Ventures, by an affiliate of HazelStream Capital, a private equity group focused on investments in the hospitality real estate and management services sectors. Paul Nussbaum and Leslie Ng, Waramaug’s managing partners, will continue to oversee the day-to-day operations and remain majority holders in the business. As part of the transaction, Evren Unver and Ferit Ferhangil will join the board of Waramaug Ventures.
This is the first investment in a U.S. hotel asset management platform for HazelStream Capital, which was formed in 2020 to strategically invest in hotel-related real estate and management companies. Bringing these two teams together will accelerate Waramaug’s growth strategy to acquire select and full-service hotel properties across the United States and HazelStream’s further growth in the hospitality sector in the United States.
“In Waramaug, we have found a seasoned partner that shares our optimistic view of the hospitality real estate and services sectors in the United States,” said Unver. “The investment in Waramaug forms a strong foundation for us to expand our footprint in the United States through further investments and acquisitions while being aligned with a company that shares similar investment objectives and outlook in the hospitality market.”
“We are pleased HazelStream sees Waramaug Hospitality as a vehicle to initiate their investment activities in our sector,” said Ng. “At Waramaug, we will continue to do what we have always done, which is acquire hotel real estate at attractive prices and increase performance with a rigorous capital improvement and asset management focus.”
Since its formation, Waramaug has completed over 60 hotel investments with a total acquisition cost in excess of $1.0 billion. The firm has met the investment objectives of its investors, who seek returns through hotel real estate ownership.
