Waramaug Hospitality/Interstate Hotels Joint Venture Acquires 276-room Sheraton Albuquerque in NM

• 
  SAVE
• 
  SHARE
• 
  TEXT SIZE
• 
  PRINT
• 
  COMMENT
• 
  PDF

. December 19, 2013

BOCA RATON, FLORIDA - December 19, 2013 - Waramaug Hospitality, a private investment group, along with Interstate Hotels & Resorts and an alternate money management firm, announced today they have acquired the 276-room Sheraton Albuquerque Airport Hotel. This is the seventh hotel acquired by the joint venture.

The Sheraton Albuquerque Airport Hotel recently completed a $14 million renovation and boasts dramatic views of the Sandia Mountains and Rio Grande Valley to complete a memorable stay for guests. It is conveniently located near area attractions such as the Historic Old Town, the eclectic Nob Hill, University of New Mexico, the ABQ BioPark and several golf courses.

"As one of the top rated Sheraton hotels for guest experience coupled with their substantial renovation, this hotel is poised to be a valuable asset for our group," said Paul Nussbaum, Waramaug Hospitality's Founder and Managing Partner. "The hotel is also ideally situated in close proximity to the airport as the only full-service hotel nearby for guests. It is our intent to capitalize on exceptional locations such as this one with superior offerings. The New Mexico market offers a unique blend of Hispanic and Native American Culture which lends vibrancy to this hotel and makes it extremely profitable."

The hotel will remain a Sheraton property and will be managed by Interstate Hotels & Resorts.

"As the seventh acquisition by the Waramaug and Interstate joint venture, it reaffirms our strong, strategic relationship, forging ahead on the intuitive business plan conceived several years ago," said Leslie Ng, Interstate Hotels & Resorts' chief investment officer. "The Sheraton Albuquerque Hotel is well positioned and we are enthusiastic to maximize its potential and profitability for our investment partners."

The hotel also features over 12,000 square feet of flexible meeting space to efficiently host a variety of events including banquets up to 460 people, groups of up to 350 in a classroom and 630 in a theater. All meeting rooms feature high-speed Internet access and the latest audiovisual amenities.

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

About Interstate Hotels & Resorts

Interstate Hotels & Resorts, Inc., a wholly-owned subsidiary of a 50/50 joint venture between subsidiaries of Thayer Lodging and Jin Jiang, 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 381 hotels with more than 72,000 rooms in North America, Europe and Asia-Pacific, including six wholly owned 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.