Interstate Hotels & Resorts, an independent hotel management business in the USA, declared that it has acquired the ownership of Crowne Plaza Tampa East, a 265 room hotel in Florida by a partnership with Waramaug Hospitality and another private investment group.
Crowne Plaza Tampa Hotel Exterior. Credit: Crowne Plaza Tampa Hotel
Interstate has taken over the management of the hotel on the close of the acquisition and the hotel is anticipated to spend around $8.5 million for a complete renovation.
The Crowne Plaza is located diagonally from one of the attractive office markets of Tampa, the Sabal Business Park at 10221, Princess Palm Avenue. The amenities available in the hotel include a recreation and sports court, business center, an outdoor swimming pool and a restaurant. It also sports a 30,000 sq. ft. flexible type of meeting space.
According to Jim Abrahamson, President and COO of Interstate, the Crowne Plaza Tampa East symbolizes a good investment opportunity, its location close to a growing business park, and its proximity to a range of a number of relaxation facilities that improves the long-term prospective of the investment.
Interstate Hotels & Resorts, a known hotel management business, is a fully owned auxiliary of an equal partnership between the auxiliary companies of Jin Jiang and Thayer Lodging. It operates independent hotels, conference centers, and fully branded or select type of service resorts and hotels. The company and its associates either own or manage 331 hotels with over 60,000 rooms in 39 states of the USA or in countries such as the Netherlands, the UK, Ireland, Canada, Belgium, Mexico, India, Russia, China and District of Columbia.
Source: http://www.crowneplaza.com/