Palm Beach, FL, December 02, 2013 --(PR.com
)-- Hospitality Funding, LLC has raised equity for the acquisition of the Crowne Plaza in Dublin, Ohio by Waramaug Hospitality, LLC and a US-based investment management company. The Crowne Plaza is located within an improving dynamic economic market that has experienced substantial growth since the economic downturn. The market experienced 2.3% growth in occupancy in 2012 and demand has grown nearly 22% since 2008.
Of the company’s recent acquisition success, Hospitality Funding’s Chairman Scott Silver said, “The acquisition of the Crowne Plaza in Dublin, Ohio is an exciting opportunity for Hospitality Funding to be in a new and growing market. IBM is opening a new 500 employee client center just 2.5 miles from the property. Additionally, Honda North America has announced a $100 million investment into its Marysville manufacturing plant, which will hire 200 more employees, as well as the consolidation of its corporate offices 20 miles northwest of the property, all great reasons to be in Dublin, Ohio.”
When assessing the acquisition, Hospitality Funding and Waramaug considered the following:
+The 215-room hotel is ideally located just off Interstate 270 in in an active sector of the United States’ 15th largest city, Columbus, Ohio.
+Dublin, Ohio is host of the International golf community, hosting the prestigious President’s Cup in October of 2013. A strong corporate market anchored by Cardinal Health, Wendy’s International, OCLC, and Honda North America is complemented by a vast array of leisure activities in Dublin.
+The property features 1,300 square feet of meeting space distributed among seven rooms; largest capacity 700, a business center, fitness center, and newly renovated indoor pool.
About Hospitality Funding LLC: Hospitality Funding is a boutique investment advisory firm focused on raising equity, mezzanine, and debt financing for the acquisition of all types of hospitality assets. Founded in 2006, Hospitality Funding works with superior owner-operators to find capital solutions that fit their specific goals for property acquisitions. For more information, please visit www.hospitalityfunding.com.