{"id":1004051787,"date":"2011-11-03T22:02:11","date_gmt":"2011-11-04T06:02:11","guid":{"rendered":"https:\/\/synd.yardi.com\/?p=23134"},"modified":"2022-12-06T00:53:29","modified_gmt":"2022-12-06T08:53:29","slug":"joint-venture-acquires-crowne-plaza-east-plans-8-5m-renovation","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/joint-venture-acquires-crowne-plaza-east-plans-8-5m-renovation\/","title":{"rendered":"Joint Venture Acquires Crowne Plaza East, Plans $8.5M Renovation"},"content":{"rendered":"<p>By Georgiana Mihaila, Associate Editor<\/p>\n<p>Interstate Hotels &amp; Resorts Inc. has partnered with Waramaug Hospitality L.L.C. and a private investment group to acquire the 265-room Crowne Plaza Tampa East. The price has not been released, but the partnership will invest $8.5 million in an immediate, comprehensive renovation of the building.<\/p>\n<p>The Crowne Plaza Tampa East, located at 10221 Princess Palm Ave., across the street from Sabal Business Park, features a restaurant, outdoor swimming pool and business center, recreation and sports court; it is also the sole full-service hotel in the area equipped with a significant amount of meeting space, at 30,000 square feet. Interstate Hotels &amp; Resorts, the United States\u2019 largest independent hotel management company, has already assumed management of the hotel following the completion of the acquisition.<\/p>\n<p><a href=\"https:\/\/synd.yardi.com\/wp-content\/uploads\/sites\/46\/2011\/11\/6301_184_b1.jpg\"><img loading=\"lazy\" decoding=\"async\" class=\"alignright size-medium wp-image-23136\" src=\"https:\/\/synd.yardi.com\/wp-content\/uploads\/sites\/46\/2011\/11\/6301_184_b1.jpg\" alt=\"\" width=\"300\" height=\"199\" \/><\/a><\/p>\n<p>\u201cThe Crowne Plaza Tampa East represents a compelling investment opportunity, and we fully expect to deliver superior results,\u201d said Jim Abrahamson, Interstate\u2019s president &amp; COO. \u201cThe hotel\u2019s location, adjacent to a thriving business park and close to a number of leisure demand generators, greatly enhance the long-term potential of this investment.\u201d<\/p>\n<p>Interstate Hotels &amp; Resorts, a wholly owned subsidiary of a 50\/50 joint venture between subsidiaries of Thayer Lodging and Jin Jiang, along with its affiliates manages and\/or owns interests in 331 hotels, with more than 60,000 rooms in 39 states, the District of Columbia, China, Russia, India, Mexico, Belgium, Canada, Ireland, England and the Netherlands.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>By Georgiana Mihaila, Associate Editor<br \/>\nInterstate Hotels &amp; Resorts Inc. has partnered with Waramaug Hospitality L.L.C. and a private investment group to acquire the 265-room Crowne Plaza Tampa East. The price has not been released, but the partnership will invest $8.5 [&#8230;]<\/p>\n","protected":false},"author":33,"featured_media":1004505543,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21742,1612],"tags":[],"class_list":["post-1004051787","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-latest","category-tampa"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v23.4 (Yoast SEO v24.6) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Joint Venture Acquires Crowne Plaza East, Plans $8.5M Renovation - Commercial Property Executive<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.commercialsearch.com\/news\/joint-venture-acquires-crowne-plaza-east-plans-8-5m-renovation\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Joint Venture Acquires Crowne Plaza East, Plans $8.5M Renovation\" \/>\n<meta property=\"og:description\" content=\"By Georgiana Mihaila, Associate Editor Interstate Hotels &amp; Resorts Inc. has partnered with Waramaug Hospitality L.L.C. and a private investment group to acquire the 265-room Crowne Plaza Tampa East. 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