Joint Venture Capital Raised by Silver and Associates, LLC Results in Acquisition of the Crowne Plaza Tampa East

Greenwich, CT—A joint venture comprised of Waramaug Hospitality LLC, led by industry veteran Paul Nussbaum, Interstate Hotels & Resorts, Inc., and a US-based investment management company closed on the purchase of the Tampa East Crowne Plaza Hotel. The purchase is the second that has been funded through a more than $200 million joint venture that was raised by Greenwich, CT-based Silver and Associates, LLC for the purpose of acquiring distressed hospitality assets.

Located adjacent to the Sabal Business Park and near many businesses and visitor attractions, the 269-room hotel offers over 30,000 square feet of flexible event space, more than any other full-service hotel in the area. The hotel also contains a business center, outdoor swimming pool, recreation and sports court, fitness center, and restaurant. The property's management has been transferred to Interstate Hotels & Resorts, the country's largest independent hotel management company, and will immediately undergo a comprehensive $8.5 million renovation.

Mr. Nussbaum served as Founder, Chairman & Chief Executive Officer of Patriot American Hospitality, Inc., a paired shared real estate trust (and its predecessor Patriot American Group) that owned the Wyndham, Grand Bay, Maimaison, Summerfield, and Clubhouse proprietary brands.

Silver and Associates, LLC is a boutique investment bank that specializes in raising capital for platform companies and asset acquisitions in the real estate and financial services sectors. Since its founding, Silver and Associates has been an advisor on M&A, equity and debt transactions that have totaled nearly $2 billion. For more information, please contact Jeri Netter at netter@silverandassoc.com.


Joint Venture Capital Raised by Silver and Associates, LLC Results in Acquisition of the Sheraton Hotel Denver Tech Center

Greenwich, CT—A joint venture comprised of Waramaug Hospitality LLC, led by industry veteran Paul Nussbaum, Interstate Hotels & Resorts, Inc., and a US-based investment management company closed on the purchase of the Sheraton Denver Tech Center. The purchase is the first transaction to be funded through a more than $200 million joint venture that was raised by Greenwich, CT-based Silver and Associates, LLC for the purpose of acquiring distressed hospitality assets.

Located minutes from downtown Denver, the 262-room hotel offers 10,500 square feet of meeting space, a business center, outdoor swimming pool, fitness center, club-level guest lounge, and gift shop, as well as the Redfire Restaurant & Lounge. The property's management has been transferred to Interstate Hotels & Resorts, the country's largest independent hotel management company, and will immediately undergo an 18-month, $5.75 million renovation.

Mr. Nussbaum served as Founder, Chairman & Chief Executive Officer of Patriot American Hospitality, Inc., a paired shared real estate trust (and its predecessor Patriot American Group) that owned the Wyndham, Grand Bay, Maimaison, Summerfield, and Clubhouse proprietary brands.

Silver and Associates, LLC is a boutique investment bank that specializes in raising capital for companies as well as asset acquisitions in the real estate and financial services sectors. Since its founding, Silver and Associates has been an advisor on M&A, equity and debt transactions that have totaled nearly $2 billion. For more information, please contact Jeri Netter at netter@silverandassoc.com.


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