Joint Venture Capital Raised by Hospitality Funding Results in Acquisition of the Crowne Plaza Tampa East
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 Tampa East Crowne Plaza Hotel. The purchase is the second that has been funded through a more than $200 million joint venture that was raised by Palm Beach, FL-based Hospitality Funding, LLC for the purpose of acquiring distressed hospitality assets.
Located adjacent to the Sabal Business Park and near many businesses and visitor attractions, the 269-room hotel offers over 30,000 square feet of flexible event space, more than any other full-service hotel in the area. The hotel also contains a business center, outdoor swimming pool, recreation and sports court, fitness center, and restaurant. The property’s management has been transferred to Interstate Hotels & Resorts, the country’s largest independent hotel management company, and will immediately undergo a comprehensive $8.5 million renovation.
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.