California's 329-key Hilton Concord Acquired by Waramaug Hospitality and Interstate Hotels JV

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. January 06, 2014

BOCA RATON, FLORIDA, January 6, 2014 - Waramaug Hospitality, a private investment group, along with Interstate Hotels & Resorts and an alternate money management firm, announced today that the joint venture has acquired the 329-room Hilton Concord in Concord, California from Interstate, which continues to remain an investor and operator of the hotel.

The award-winning Hilton Concord was recently recognized for two (2) significant awards in 2013, by TripAdvisor® and also by the Governor of the State of California for the Governor's Environmental and Economic Leadership Award (GEELA). As the recipient of the 2013 TripAdvisor Certificate of Excellence Award, the Hilton Concord has been documented as receiving outstanding traveler reviews on TripAdvisor. The GEELA award was given to the Hilton Concord for its outstanding commitment to sustainability and the environment. They are the first Hilton brand hotel to ever win this award, known as California's highest and most prestigious environment honor that acknowledges individuals, organizations and businesses that have demonstrated exceptional leadership and made notable contributions in conserving precious resources, protecting and enhancing the environment, and building public-private partnerships.

"As one of the top performing Hilton brand hotels, it is clear the staff takes great pride in consistently offering an exceptional experience to their guests," said Paul Nussbaum, Waramaug Hospitality's Founder and Managing Partner. "The hotel is on the cutting-edge of technology and sustainability which we believe is key to its profitability. By adding this hotel to our group, we raise the bar much higher and know we can expect great things from the Hilton Concord in the years to come."

The Hilton Concord features a cutting edge high-efficiency laundry system that conserves water, energy, and natural gas, has installed a Biodigester to divert compostable and recyclable materials from landfills and an extensive recycling program hotel-wide. The hotel has also installed 100% LED and high efficiency lighting throughout, a Pelican Wireless HVAC energy management system, solar window film, Eco-flush water saving toilets, Energy Star efficient equipment, and Verdafero software to track their success. Additionally, Hilton Concord offers their guests and community one of the largest Electric Vehicle Charging Stations in Northern California and a concept restaurant, Plate & Vine, which serves sustainable locally, sourced and regionally inspired cuisine.

"We have a strong familiarity with the Hilton Concord, a long held asset, and are optimistic for its future in fulfilling our strategic objectives in the market," said Leslie Ng, Interstate Hotels & Resorts' chief investment officer. "We saw a terrific opportunity to bring in a well-known strategic partner to realize future value, and proceeds from the sale will strengthen our balance sheet for subsequent investments."

The hotel will remain a Hilton property and will continue to be managed by Interstate Hotels & Resorts.

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 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.