Waramaug LS Hotels, LLC Forms $150 Million Hotel Acquisition Program
Acquires Courtyard by Marriott in Paducah, Kentucky as First Asset in the New Fund
BOCA RATON, FLORIDA - JUNE 28, 2013 - Waramaug LS Hotels, LLC, a private investment group and its institutional capital partner, announced today they have acquired the 100-room Courtyard by Marriott Paducah West, in Paducah, Kentucky, through their newly formed hotel acquisition platform. The hotel will remain a Courtyard by Marriott and will be managed by Interstate Hotels and Resorts.
"This hotel has strong investment potential and has been substantially renovated by the previous owner," said Paul Nussbaum, Waramaug LS Hotel's Founder and Managing Partner. He adds, "It represents the type of hotel our new fund seeks to acquire: high quality select service hotels under strong brands and substantially below replacement costs. The Paducah market is a vibrant market, with a range of corporate and leisure demand generators, which attract a broad spectrum of visitors. We believe there is significant upside for this hotel, particularly given its recent renovation."
Waramaug LS Hotels, whose principals include industry veterans Paul Nussbaum and Paul Stern, will focus on acquiring legacy branded select service hotels in strong secondary and tertiary markets throughout the United States. The $150 million fund expects to acquire at least 15 properties over the next eighteen months.
"The partners behind Waramaug along with our asset management team have decades of experience acquiring and repositioning hospitality assets," said Paul Nussbaum. "We will ensure all assets in our portfolio become market leaders and reach their full value potential. We have worked hard to develop a strong asset management platform to execute on our strategy." Adds Paul Stern, a Waramaug principal, "We are actively pursuing acquisitions throughout the country, and have already developed a strong pipeline to fuel our growth."
About Waramaug LS Hotels
Waramaug LS Hotels, LLC, based in Boca Raton, FL is a privately held investment group formed in 2013 by Paul Nussbaum, Paul Stern and other senior hotel professionals. Its affiliates have acquired five premium quality select service hotels since 2011. With this acquisition, Waramaug LS Hotels and affiliates' select service holdings comprise five hotels, totaling 606 rooms. For more information, contact Paul Stern at [email protected] / 954.306.0747
Marriott International, Inc. (NASDAQ: MAR) is a global leading lodging company based in Bethesda,Maryland, USA, with more than 4,200 properties in 80 countries and territories. Marriott International reported revenues of nearly $14 billion in fiscal year 2014. The company operates and franchises hotels and licenses vacation ownership resorts under 19 brands, including: The Ritz-Carlton®, BVlgari®, EDITION®, JW Marriott®, Autograph Collection® Hotels, Renaissance® Hotels, Marriott Hotels®, Delta Hotels and Resorts®, Marriott Executive Apartments®, Marriott Vacation Club®, Gaylord Hotels®, AC Hotels by Marriott®, Courtyard®, Residence Inn®, SpringHill Suites®, Fairfield Inn & Suites®, TownePlace Suites®, Protea Hotels® and MoxyHotels®. Marriott has been consistently recognized as a top employer and for its superior business ethics. The company also manages the award-winning guest loyalty program, Marriott Rewards® and The Ritz-Carlton Rewards® program, which together surpass 50 million members. For more information or reservations, please visit our website at 
