Sheraton Orlando North Acquisition Marks Sixth Acquisition for Waramaug, Interstate JV
- Jun 21, 2013
By Georgiana Mihaila, Associate Editor
Waramaug Hospitality and Interstate Hotels & Resorts recently closed on the purchase of their sixth property as joint venture partners, the Sheraton Orlando North Hotel.
“Part of Interstate’s success is attributed to the strategic relationships the company has fostered throughout the industry, and joint ventures like our agreement with Waramaug are evidence of these solid connections,” said Jim Abrahamson, Interstate’s chief executive officer. “This is our sixth agreement with Waramaug—the second in 2013—and Interstate is enthusiastic to maximize this hotel’s potential and profitability for our investment partners.”
Following the purchase, the hotel will immediately undergo a comprehensive $4.1 million renovation encompassing a property-wide refresh of the guestrooms, hallways, public areas, lobby, food and beverage outlets and meetings spaces.
The Sheraton Orlando North Hotel features a glass-domed atrium with a captivating waterfall surrounded by tropical foliage. With 382 guestrooms, 14,000 square feet of meeting space, a 7,500-square-foot ballroom, four dining options, an outdoor pool with water feature, a concierge floor with private Club Lounge, fitness center and Link@Sheraton business center, the hotel also features a number of other Sheraton services. Located five miles from Rollins College and 14 miles from the University of Central Florida, nearby attractions include the Orlando Science Museum, Seaworld, and Wet N Wild.
Hospitality Funding LLC, a Palm Beach, Fla.-headquartered boutique investment advisory firm, advised the buyer group on the transaction, but no financial details of the transaction have been disclosed.
Image via Sheraton Orlando North Official Website