Waramaug Hospitality and Interstate Hotels JV Acquires 257-key Hilton Phoenix Airport Hotel, Arizona

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. January 06, 2014

BOCA RATON, FLORIDA - January 6, 2014 - Waramaug Hospitality, a private investment group, along with Interstate Hotels & Resorts announced today they have acquired the 257-room Hilton Phoenix Airport Hotel. Interstate continues to operate the hotel.

The Hilton Phoenix Airport Hotel is a "mini-oasis" for travelers, with a large resort-style pool-area surrounded by lush palm trees and a beautifully landscaped courtyard. Located within the Phoenix Sky Harbor Airport submarket, the hotel is a neighbor of Tempe - home to Arizona State University, as well as great restaurants, shopping and nightlife. It is also ideally situated to provide easy access to downtown Phoenix, Arizona State University, the METRO Light Rail, Scottsdale and Downtown Tempe. Professional and collegiate sports, museums, galleries, shopping, casinos and world-class golf are only minutes away.

"The Phoenix-Mesa-Scottsdale area is in the midst of a recovery and still 24% from peak RevPAR levels, which offers a great opportunity for market upside. The Phoenix market in particular ranked in the top 25 in the nation in occupancy, ADR and RevPAR in 2012 so we see great growth potential in years to come." said Paul Nussbaum, Waramaug Hospitality's Founder and Managing Partner. "This particular property is also valuable due to the easy access to the surrounding local destinations as well as close proximity to one of the ten busiest airports in the US, serving 40 million passengers a year."

The property is slated to undergo a $7.1 million dollar comprehensive renovation with extensive guestroom, guest bath, corridor, public space, meeting space and food & beverage upgrades.

"During our experience operating the Hilton Phoenix Airport Hotel, we've produced a successful bottom line and are looking forward to continuing success with Waramaug's acquisition of the hotel and planned renovations," stated Leslie Ng, Interstate's chief investment officer. "We're pleased to continue working with Waramaug and have truly discovered a recipe for success and profitability through our relationship."

About Waramaug Hospitality

Waramaug Hospitality is a privately held investment group focused on acquiring legacy branded assets throughout the United States. Specializing in hotels with a unique turnaround story, Waramaug has utilized its wealth of resources to create a track record in successfully rebranding, repositioning and renovating assets to reach their full potential and become market leaders. For more information, contact Jay Litt at [email protected].

About Interstate Hotels & Resorts

Interstate Hotels & Resorts, Inc., a wholly-owned subsidiary of a 50/50 joint venture between subsidiaries of Thayer Lodging Group and Jin Jiang Hotels, is the leading U.S.-based global hotel management company, operating branded full- and select-service hotels and resorts, convention centers and independent hotels worldwide. Interstate and its affiliates manage 386 hotels with more than 73,000 rooms in North America, Europe and Asia-Pacific, with ownership interest in 36 hotels. In addition, Interstate has executed agreements to manage 37 hotels with nearly 7,500 rooms under construction or development throughout the world. For more information, please visit www.interstatehotels.com. Connect with Interstate at www.linkedin.com/company/interstate-hotels-resorts, www.facebook.com/InterstateHotels, and http://jobs.interstatehotels.com.