Interstate and Northridge JV Acquires Smithtown Sheraton

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.