Hospitality Funding Raises $50 million Joint Venture
Palm Beach, FL — Hospitality Funding Inc. has raised a $50 million equity Joint Venture and related $100 million debt facility raised by Hospitality Funding for Waramaug Hospitality LLC. The Joint Venture, between Waramaug and a US-based investment management company, has been raised for the purpose of acquiring select-service hospitality assets.
The transaction under this new Joint Venture is the recent acquisition of the Courtyard by Marriott Paducah West hotel in Paducah, KY. The property’s management has been transferred to Interstate Hotels & Resorts, Inc., the country’s largest independent hotel management company.
When assessing the acquisition, Hospitality Funding and Waramaug Hospitality considered the following:
- The 100-key hotel is ideally located halfway between Nashville and St. Louis off of Interstate-24, and is the only major stopping point for motorists.
- The property underwent a comprehensive $1.6 million renovation in 2011, and features 1,000 square feet of meeting space, a Bistro, indoor swimming pool and whirlpool, fitness center, business center, market, and guest laundry room.
Of the company’s recent success, Hospitality Funding’s Chairman Scott Silver said, “We are excited to continue our fruitful work with Waramaug Hospitality. This Joint Venture is the second that we have raised for Waramaug, and signifies growth in the hotel industry and the recovery of our industry as a whole.”
About Hospitality Funding: Hospitality Funding is a boutique investment advisory firm focused on raising equity, mezzanine, and debt financing for the acquisition of all types of hospitality assets. Hospitality Funding works with superior owners to find capital solutions that fit their specific goal for property acquisition, development and refinance. For more information, please visit www.hospitalityfunding.com.