Joint Venture Capital Raised by Hospitality Funding Results in Acquisition of the Sheraton Hotel Denver Tech Center
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 Sheraton Denver Tech Center. The purchase is the first 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.
Located minutes from downtown Denver, the 262-room hotel offers 10,500 square feet of meeting space, a business center, outdoor swimming pool, fitness center, club-level guest lounge, and gift shop, as well as the Redfire Restaurant & Lounge. 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, $5.75 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.