COLUMBUS-A joint venture of Arlington, VA-based Interstate Hotels & Resorts, Washington, CT-based Waramaug Hospitality LLC and a private investment group has purchased the Crowne Plaza Columbus North hotel for $9.1 million. Mississauga, Canada-based Westmont Hospitality Group sold the 300-room property after owning it less than a year.
The property, at 6500 Doubletree Ave., was formerly the Columbus Marriott North, built in 1981 for $5.2 million. The brand switched in 2007. Westmont reportedly bought the site for $6.8 million in April 2011.
The new ownership venture said in a recent statement that it will keep the Crowne Plaza brand at the eight-story hotel, and will immediately undergo a $5.2 million renovation. Leslie Ng, Interstate’s CIO, said in the statement that the hotel has strong investment potential. “With the planned comprehensive renovation, including a complete upgrade to the nearly 20,000-square-feet meeting space, we expect this upscale hotel to reach its full potential and assume a larger leadership role in this market,” Ng said.
The hotel is at the north end of Columbus, along the Highway 270 loop around the city. However the area is seeing a strong resurgence, led by Nationwide Realty Investors’s $1.3 billion redevelopments of office, retail and entertainment venues in the downtown area.
This is the third venture between Interstate and Waramaug. The two companies joined to purchase the Sheraton Denver Tech Center in February 2011 and the Crowne Plaza Tampa East in October 2011. Jones Lang LaSalle handled the recent Columbus deal.
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