718-Room Radisson Resort Orlando Trades, Prepares for Immediate Renovation
- Jan 25, 2013
Radisson Resort Orlando – Celebration is now a member of the Interstate family, as a joint venture between Interstate Hotels & Resorts and Waramaug Hospitality LLC has recently acquired the 718-room hotel for an undisclosed amount.
While the new owners did not want to disclose the price for which the hotel traded, they have expressed their intent of conducting renovation work on the property, effective immediately. The $9 million renovation will consist of upgrades and enhancements to all 718 guest rooms, public areas, meeting space and mechanical systems.
Radisson Resort Orlando – Celebration is located 1.5 miles from Walt Disney World, directly off I-4 at Exit 64A and just 17 miles from the Orlando International Airport, on a 20-acre property. The resort also features 6,800 square feet of meeting and event space, five on-site dining venues, several types of pools, a gaming center, a sand volleyball court and two lighted tennis courts.
“As one of the top tourist destinations in Florida, Orlando was a natural choice for the hotel’s location and the Radisson Resort Orlando is minutes away from the city’s top attractions,” said Paul Nussbaum, Waramaug Hospitality’s chief executive officer. “With the prime setting and the approaching renovations, this hotel will thrive under Interstate’s operating expertise.”
Interstate Hotels & Resorts, Inc.—a subsidiary of a 50/50 joint venture between subsidiaries of Thayer Lodging and Jin Jiang—is at its fifth acquisition with Waramaug Hospitality. The joint venture has been advised in the transaction by Hospitality Funding LLC, a Palm Beach-headquartered boutique investment advisory firm.
The Radisson Resort was not the only Orlando-area hotel to trade hands recently. Summit Hotel Properties, Inc. has closed on the acquisition of both Hyatt Place-Universal and Hyatt Place-Convention Center as part of a $36.1 million deal that included a third property, located in Chicago. The new owner has entered into an agreement with Select Hotels Group, L.L.C., an affiliate of Hyatt, to operate each hotel.
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