Joint Venture Capital Raised by Hospitality Funding Results in Acquisition of the Crowne Plaza Columbus North Hotel
Palm Beach, FL — A joint venture comprised of Waramaug Hospitality LLC, led by industry veteran Paul Nussbaum, Interstate Hotels & Resorts, Inc., and a US-based investment management company closed on the purchase of the Crowne Plaza Columbus North hotel in Columbus, OH. The purchase is the third transaction to be funded through a more than $200 million joint venture that was raised by Palm Beach, FL-based Hospitality Funding for the purpose of acquiring distressed hospitality assets.
The property’s management has been transferred to Interstate Hotels & Resorts, the country’s largest independent hotel management company, and will immediately undergo an 18-month, $5.25 million renovation.
Located at 6500 Doubletree Avenue, the 300-room hotel offers 20,000 square feet of meeting space, a business center, indoor/outdoor swimming pool, fitness room, and on-site restaurant and lobby lounge. The hotel’s location is convenient to the area’s 20 colleges and universities including Ohio State University, major technology and distribution businesses, and the city’s convention center. It also offers easy access to shopping centers and Huntington Ballpark, home of the Cleveland Indians’ triple-A baseball team.
Mr. Nussbaum served as Founder, Chairman & Chief Executive Officer of Patriot American Hospitality, Inc., a paired shared real estate trust (and its predecessor Patriot American Group) that owned the Wyndham, Grand Bay, Maimaison, Summerfield, and Clubhouse proprietary brands.