Interstate Hotels & Resorts and Waramaug Hospitality LLC Complete Major Renovation and Conversion of Tampa, FL Hotel

 ARLINGTON, VA and TAMPA, FL, July 30, 2012 – Interstate Hotels & Resorts, the largest U.S.-based global hotel management company, today announced the completion of a $9 million comprehensive renovation of the former Crowne Plaza hotel and conversion to the Sheraton Tampa East Hotel (banquet room top left photo).

 The hotel was acquired last fall by a joint venture between Interstate Hotels & Resorts, Waramaug Hospitality LLC, and a private investment group.

 Interstate operates the Sheraton Tampa East Hotel under a long-term management agreement.  Waramaug Hospitality Asset Management LLC provided project and asset management for the renovation and conversion to the Sheraton brand.

“We have a great team that was able to renovate all areas of the hotel in a very short period of time,” said Jay Litt (lower right photo), asset manager for Waramaug Hospitality Asset Management LLC.

 “We wanted the conversion to be completed in time for the Republican National Convention this summer, and our team was able to finish the work with time to spare.” 

For hotel reservations, please visit www.sheratontampaeast.com or call (813) 623-6363.

For more information, visit www.interstatehotels.com.

Connect with Interstate at www.linkedin.com/company/interstate-hotels-resorts, www.facebook.com/InterstateHotels, and http://jobs.interstatehotels.com.

For a complete copy of the company’s news release, please contact:

Chris Daly, Jerry Daly

Daly Gray, Inc.

703-435-6293

Chris@Dalygray.com

Apartment Realty Advisors (ARA) Arranges Sale at Foreclosure Auction

Tampa, FL — Atlanta-headquartered Apartment Realty Advisors (ARA), the largest privately held, full-service investment advisory brokerage firm in the nation focusing exclusively on the multihousing industry, represented the seller in the foreclosure sale of Spring Glade, a 78-unit multifamily community located in Tampa, FL.

The seller was represented by ARA’s Tampa, FL-based Patrick Dufour and ARA’s Orlando, FL-based Kevin Judd (top right photo)

“Through our extensive buyer relationships, we were able to bring multiple qualified, all-cash buyers to the foreclosure auction, “said Patrick Dufour, of ARA’s Tampa office.š “Our aggressive marketing campaign resulted in a successful foreclosure sale at a purchase price that exceeded the lender’s unpaid loan balance.”

Elster/Rocatica purchased the property at foreclosure auction for $915,000, $11,731 per unit, $21.47 per square foot. The private buyer purchased the property all-cash and funded the acquisition solely with internal equity.

The buyer has an established presence in the Florida market and is intimately familiar with the product type and the local market.

Dufour also noted that the property, formerly a rent-restricted affordable housing community, immediately reverted to market rate rents at the close of the foreclosure sale, providing additional upside for the new buyer. The property, located at 2232 North Spring Glade Circle in Tampa, FL, was 50% occupied at the time of the sale.

“We were able to facilitate physical inspections prior to the auction, “said Kevin Judd, of ARA’s Orlando office, who also brokered the deal.š “This allowed buyers to complete up-front due diligence prior to the auction.” The lender disclosed their maximum bid price prior to the auction to set a floor for pricing expectations.

ARA also recently closed on the sale of Lofton Place, a 280 unit multifamily property in Northwest Tampa.

Contact: Marti Zenor mzenor@ARAusa.com, 561.988.8800 x112 Direct  954.205.5207 Cell  561.988.8810 Fax