Search
 

Interstate and Northridge JV Acquires Smithtown Sheraton

SMITHTOWN, NY-The newly formed hotel acquisition joint venture picks up its first property--the 209-room Sheraton Long Island.

By Barbara Jarvie | Updated on August 25, 2003

SMITHTOWN, NY-Interstate Hotels & Resorts and Northridge Capital Inc., which in late May formed a $400-million hotel acquisition fund, have snagged their first one. The joint venture acquired the 209-room Sheraton Long Island here from Massachusetts Mutual Life Insurance Company advised by Cornerstone Real Estate Advisers Inc. The price paid for the hotel was not disclosed. Interstate will provide management services for the property.

“The Sheraton Long Island fits well with the acquisition goals of our partnership fund with Northridge Capital,” says John Emery, Interstate’s president and COO. “This high-quality, full-service property is located in a strong metropolitan New York submarket with high barriers to entry, surrounded by a number of business and leisure demand generators.”

MMLIC completed an $8-million renovation to the hotel in 2000 and 2001, which included all guestrooms, public areas, meeting rooms, FF&E and the building exterior. The six-story hotel is situated directly in front of the Hauppauge Industrial Park, a 14-acre, two million-sf office and industrial park, and is the only full-service hotel near the park. Hotel amenities include an indoor pool, outdoor deck and barbeque area, fitness center, gift shop, full-service restaurant, small cafe and lobby bar and 18,500 sf of meeting space, including a 6,500-sf ballroom, eight meeting rooms and a fixed-seat, tiered theater.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2024 ALM Global, LLC. All Rights Reserved.