Interstate Hotels & Resorts Acquires Crowne Plaza Columbus North Hotel
The hotel will remain as a Crowne Plaza and immediately undergo a $5.25 million renovation.
January 23, 2012 - Interstate Hotels & Resorts, the largest U.S.-based global hotel management company, announced that it has acquired the 300-room Crowne Plaza Columbus North hotel through a joint venture with Waramaug Hospitality, LLC and a private investment group. The hotel will remain as a Crowne Plaza and immediately undergo a $5.25 million renovation.
“This is the company's third acquisition transaction with Waramaug since last year,” said Jim Abrahamson, Interstate's chief executive officer. “We look forward to continuing our partnership with a leader in the real estate investment industry and to future opportunities together.”
“This hotel has strong investment potential, especially considering the improving fundamentals of the Columbus market and the hotel's competitive positioning,” said Leslie Ng, Interstate's chief investment officer. “With the planned comprehensive renovation, including a complete upgrade to the nearly 20,000-square-feet of meeting space, we expect this upscale hotel to reach its full potential and assume a larger leadership role in this market.”
Located at 6500 Doubletree Avenue, the Crowne Plaza Columbus North is convenient to the area's 20 colleges and universities including The Ohio State University, major technology and distribution businesses, and the city's convention center. It also offers easy access to shopping centers and Huntington Ballpark, home of the Cleveland Indians' triple-A baseball team.
“Columbus is a very attractive market, and the hotel is ideally situated, proximate to a number of demand drivers,” said Paul Nussbaum, Waramaug's chief executive officer. “Based on our previous experience with Interstate, we're confident that their operating expertise, combined with the planned property improvements, will drive superior operating and investment results.”
In addition to the generous meeting space, the eight-story hotel offers an on-site restaurant and lobby lounge, fitness room, indoor/outdoor pool, business center and complimentary high-speed internet access.
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