{"id":1004058117,"date":"2013-01-22T07:30:04","date_gmt":"2013-01-22T15:30:04","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004058117"},"modified":"2022-12-08T23:37:20","modified_gmt":"2022-12-09T07:37:20","slug":"interstatewaramaug-jv-buys-orlando-area-resort","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/interstatewaramaug-jv-buys-orlando-area-resort\/","title":{"rendered":"Interstate,Waramaug JV Buys Orlando-Area Resort"},"content":{"rendered":"<p><em>By Scott Baltic, Contributing Editor<\/em><\/p>\n<p><a href=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2013\/01\/Radisson.jpg\"><img loading=\"lazy\" decoding=\"async\" data-attachment-id=\"1004058123\" data-permalink=\"https:\/\/www.commercialsearch.com\/news\/interstatewaramaug-jv-buys-orlando-area-resort\/radisson\/\" data-orig-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2013\/01\/Radisson.jpg\" data-orig-size=\"699,394\" data-comments-opened=\"1\" data-image-meta=\"{&quot;aperture&quot;:&quot;0&quot;,&quot;credit&quot;:&quot;&quot;,&quot;camera&quot;:&quot;&quot;,&quot;caption&quot;:&quot;&quot;,&quot;created_timestamp&quot;:&quot;0&quot;,&quot;copyright&quot;:&quot;&quot;,&quot;focal_length&quot;:&quot;0&quot;,&quot;iso&quot;:&quot;0&quot;,&quot;shutter_speed&quot;:&quot;0&quot;,&quot;title&quot;:&quot;&quot;}\" data-image-title=\"Radisson\" data-image-description=\"\" data-image-caption=\"\" data-large-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2013\/01\/Radisson.jpg?w=699\" class=\"alignleft size-medium wp-image-1004058123\" title=\"Radisson\" src=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2013\/01\/Radisson.jpg\" alt=\"\" width=\"300\" height=\"169\" srcset=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2013\/01\/Radisson.jpg 699w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2013\/01\/Radisson.jpg?resize=300,169 300w\" sizes=\"auto, (max-width: 300px) 100vw, 300px\" \/><\/a><\/p>\n<p>In its fifth joint acquisition over the past two years with Waramaug Hospitality, of Washington, Conn., Interstate Hotels &amp; Resorts, of Arlington, Va., has acquired the Radisson Resort Orlando \u2013 Celebration, in Celebration, Fla., Interstate announced yesterday. The sale price for the 20-acre, 718-room resort was not disclosed.<\/p>\n<p>The resort, already managed by Interstate under a long-term agreement, will immediately begin a $9 million renovation.<\/p>\n<p>\u201cWe plan to embark on a comprehensive renovation where we expect to touch virtually all points in the hotel, including improvements to the rooms, meeting space, public space and recreational facilities,\u201d Leslie Ng, Interstate\u2019s chief investment officer, told <em>Commercial Property Executive<\/em>.<\/p>\n<p>\u201cOver the years, Interstate has operated and owned numerous resort hotels, in all price segments,\u201d Ng added. \u201cThe resort industry in one in which Interstate has deep-rooted experience.\u201d<\/p>\n<p>Hospitality Funding L.L.C., a Palm Beach, Fla.\u2013based boutique investment advisory firm, advised the buyer group on the transaction.<\/p>\n<p>In addition to 6,800 square feet of meeting and event space and five on-site dining venues, the resort features a free-form pool, waterfall, two whirlpools and a 40-foot waterslide running through a rocky grotto, as well as a fitness center, game room, business center, sand volleyball court and two lighted tennis courts.<\/p>\n<p>The four previous Interstate\/Waramaug acquisitions were the Williamsburg Hotel &amp; Conference Center (formerly the Marriott Hotel Williamsburg), Williamsburg, Va., in July 2012; Crowne Plaza Columbus North, Columbus, Ohio, in January 2012; Sheraton Tampa East (previously a Crowne Plaza), Tampa, Fla., in October 2011; and the Sheraton Denver Tech Center, in February 2011.<\/p>\n<p>Last July, Edward Blum, Interstate\u2019s executive vice president of development and acquisitions, told <em>CPE<\/em> that all four hotels will get multi-million-dollar makeovers. \u201cThis partnership is looking at turnaround opportunities, and those that we\u2019ve found so far have been in good secondary markets,\u201d said Blum. \u201cAnd in each case, these properties have been neglected and lacked significant capital improvements.\u201d <a href=\"https:\/\/&lt;www.commercialsearch.com\/news\/regions\/mid-atlantic\/interstate-jv-picks-up-295-room-hotel-near-colonial-williamsburg\/&gt;\">&lt;www.commercialsearch.com\/news\/regions\/mid-atlantic\/interstate-jv-picks-up-295-room-hotel-near-colonial-williamsburg\/&gt;\u00a0<\/a><\/p>\n<p><strong>Like us on facebook:<\/strong><em><a title=\"Commercial Property Executive\" href=\"https:\/\/www.facebook.com\/pages\/Commercial-Property-Executive\/258033884191\">\u00a0https:\/\/www.facebook.com\/pages\/Commercial-Property-Executive\/258033884191<\/a><\/em><\/p>\n","protected":false},"excerpt":{"rendered":"<p>In its fifth joint acquisition over the past two years with Waramaug Hospitality, of Washington, Conn., Interstate Hotels &amp; Resorts has acquired the Radisson Resort Orlando \u2013 Celebration, in Celebration, Fla.<\/p>\n","protected":false},"author":952,"featured_media":1004058123,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21751,21783,21742,1493],"tags":[],"class_list":["post-1004058117","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-hotel","category-investment","category-latest","category-orlando"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v28.0 (Yoast SEO v28.0) - 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