Interstate Hotels & Resorts Forms Joint Venture, Acquires Sheraton Denver Tech Center (United States)
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Interstate Hotels & Resorts Forms Joint Venture, Acquires Sheraton Denver Tech Center (United States)
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Category: North America & West Indies / Carribean islands - United States - Industry economy
- New brands / Affiliations vRenovation / Addition
This is a press release selected by our editorial committee and published online for free on 2011-02-25
Hotel to Undergo Major $5.75 Million Renovation
Interstate Hotels & Resorts, the United States’ largest independent hotel management company, today announced that it has formed a joint venture with Waramaug Hospitality LLC and an investment management company to acquire the Sheraton Denver Tech Center for an undisclosed amount. The 262-room property will remain as a Sheraton and immediately undergo a $5.75 million renovation. Interstate assumed management of the hotel upon completion of the acquisition.
Renovations include a complete make-over of the guest rooms, public and meeting space, food and beverage and recreation areas. The renovation will be completed in 18 months and will be essentially transparent to guests.
“This is the only Sheraton-branded hotel in the high-density Denver Tech Center area, and we will use that to our advantage,” said Thomas F. Hewitt, Interstate’s chairman and chief executive officer. “The Denver hotel market is in recovery mode, and we believe our marketing expertise, economies of scale and proprietary systems will allow us to quickly gain market share.”
Located at 7007 South Clinton Street, the Sheraton Denver Tech Center is proximate to numerous businesses, shopping malls, Six Flags Elitch Gardens Amusement Park and several golf courses. The hotel offers 10,500 square feet of meeting space and outdoor swimming pool, business center, exercise room, gift shop and club-level guest lounge, as well as a full-service restaurant, the Redfire Restaurant & Lounge.
“This is our first project with our partners, but it is our expectation that we will do many deals with them,” said Paul Nussbaum, Waramaug’s chief executive officer. “We also expect to quickly and efficiently renovate and reposition the hotel to take full advantage of improving market fundamentals.”
About Interstate Hotels & Resorts, Inc.
Interstate Hotels & Resorts, Inc., a wholly owned subsidiary of a 50/50 joint venture between subsidiaries of Thayer Lodging and Jin Jiang, is the nation’s largest independent hotel management company based on revenue managed. The company and its affiliates manage and/or have ownership interests in 311 properties with approximately 58,824 rooms in 39 states, the District of Columbia, China, Russia, India, Mexico, Belgium, Canada, Ireland and England. The company has ownership interests in 56 of those properties, including six wholly owned assets. In 2010, Interstate Hotels & Resorts pioneered the first independent hotel management company in China, Interstate China Hotels & Resorts, when it formed a joint-venture partnership with Jin Jiang Hotels, China’s leading hotel operator and developer.
Interstate offers third-party hotel management on a global basis, providing the resources and infrastructure necessary for comprehensive hotel management operations, including sales and marketing, revenue management, food and beverage operations, e-commerce, accounting, and design and construction project management services for hotel owners and developers seeking a proven and experienced hotel management company.
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