Crowne Plaza Tampa acquired

TAMPA -- Interstate Hotels & Resorts Inc. acquired the Crowne Plaza Tampa East through a joint venture with Waramaug Hospitality LLC and a private investment group for an undisclosed price.

Interstate says it will invest $8.5 million towards a “comprehensive renovation” as soon as the deal closes.

“The hotel's location, adjacent to a thriving business park and close to a number of leisure demand generators, greatly enhance the long-term potential of this investment,” says Jim Abrahamson, COO with Interstate, in a statement.

Located at 10221 Princess Palm Ave., the Crowne Plaza Tampa East offers 265 rooms, 30,000 square feet of meeting space, and a restaurant.

Interstate Hotels & Resorts is a subsidiary of a joint venture between Thayer Lodging and Jin Jiang Hotels. The company and its affiliates manage and/or have ownership interests in 331 hotels with more than 60,000 rooms in 39 states, the District of Columbia, Canada, Mexico, England, Ireland, Belgium, Netherlands, Russia, India and China.