Joint Venture Acquires Crowne Plaza East, Plans $8.5M Renovation
- Nov 04, 2011
Interstate Hotels & 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.
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 & Resorts, the United States’ largest independent hotel management company, has already assumed management of the hotel following the completion of the acquisition.
“The Crowne Plaza Tampa East represents a compelling investment opportunity, and we fully expect to deliver superior results,” said Jim Abrahamson, Interstate’s president & COO. “The hotel’s 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.”
Interstate Hotels & 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.