Interstate Hotels & Resorts Acquires Orlando, Fla. Resort
ARLINGTON, Va.—Interstate Hotels & Resorts has expanded its portfolio with the addition of the Radisson Resort Orlando – Celebration. The acquisition of the 718-room resort, located in Celebration, Fla., is a result of a joint venture with Waramaug Hospitality LLC and a private investment group, increasing Interstate's portfolio with Waramaug to five hotels. Hospitality Funding LLC, a Palm Beach, Fla.-headquartered boutique investment advisory firm, advised the buyer group on the transaction. The resort, managed by Interstate under a long term agreement, will immediately undergo a comprehensive $9 million renovation. READER COMMENTS
"This is the company's fifth acquisition with Waramaug and our investment partner over the past two years and the previous four acquisitions have been incredibly successful," said Jim Abrahamson, Interstate's chief executive officer. "We're looking forward to another beneficial partnership with such a strong leader in hospitality real estate investments and with the planned improvements, this hotel will reach its full potential and assume a larger leadership role in this market."
Hotel renovations will consist of upgrades and enhancements to all 718 guest rooms, public areas, meeting space and mechanical systems.
The resort includes a free-form pool, waterfall, two whirlpools, and a 40-foot waterslide. Additional amenities include a newly remodeled fitness center, game room, business center, 6,800 square feet of flexible meeting and event space, five on-site dining options, a sand volleyball court, and two lighted tennis courts.
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