Sheraton Orlando Downtown Hotel Acquired by Resolution Services LLC and Glenmont Capital Management, LLC NEW YORK--(BUSINESS WIRE)--A joint venture comprised of affiliates of Glenmont Capital Management,
LLC and Resolution Services LLC announced today its acquisition of the
Sheraton Orlando Downtown from the property’s lender. With 341 rooms and
20,000 square feet of meeting space, the hotel is Orlando’s largest
downtown hotel. Well situated in the heart of downtown, the property is
also only a short drive from Universal Studios and conveniently located
directly off Interstate 4. The property is currently open and will
remain fully operational and continue to service both business and
leisure travelers during certain anticipated capital projects. The
Sheraton Orlando Downtown completed an extensive $10 million renovation
recently, and the venture intends to invest an additional $4 million in
the property to address a series of needed improvements.
Built in 1985, and fresh from its recent comprehensive renovation, the Sheraton Orlando Downtown is recognized for its contemporary lobby, bar and restaurant, well-appointed guest rooms and suites, 20,000 square feet of meeting space, the largest downtown ballroom, as well as two floors of concierge level accommodations with a private lounge area, and the largest swimming pool and pool deck in the area. “We, along with our partners at Glenmont, are committed to this hotel and its clientele. Our combined expertise in the upscale and corporate hospitality sectors assures a seamless transition of ownership, and allow us to implement exciting plans for enhancing current operations, rebranding the hotel and forging desirable local partnerships,” stated Jay Litt, one of three founding partners of Resolution Services, LLC. “We see the enormous potential of this strategically situated property in a downtown business capital and urban residential center, centrally located to some of the world’s top attractions and emerging industries.” Edward Miller explained, “We are currently experiencing the fifth extreme downturn in the hospitality and real estate market since 1974, and our purpose is to acquire underperforming assets, and once acquired to protect and improve asset values and performance by implementing repositioning and operating strategies with sound financial terms.” ABOUT RESOLUTION SERVICES LLC: Resolution Services, LLC was launched by Ewoldt International, LLC (an established hospitality consulting firm specializing in problem resolution services) with its principals Eric M. Ewoldt and Jay Litt, along with Edward J. Miller of California Coast Companies (the parent company for all real estate development companies operated by Mr. Miller). Resolution Services LLC is a private operational firm with offices in New York City, Boca Raton, Los Angeles and San Diego. Resolution Services LLC partners and executives have a long track record of developing, managing and operating hotels, resorts, hotel chains, marinas, residential, commercial, shopping and mixed use developments. RSLLC specializes in representing equity funds, lenders and high net worth owners, in addition to supporting international law firms on complex troubled assets and portfolios. www.resolutionservicesllc.com. ABOUT GLENMONT CAPITAL MANAGEMENT, LLC: Glenmont Capital Management, LLC is an institutional private equity firm investing in middle market, opportunistic real estate and real estate related investments primarily throughout the United States. Since its inception, Glenmont has invested in more than $1 billion of joint venture transactions through its discretionary investment funds. Glenmont deploys its equity capital through the private equity funds it manages, which are comprised primarily of prominent institutional investors, including pension plans of Fortune 500 companies, university endowments, and foundations. The senior principals of Glenmont have developed a unique combination of an entrepreneurial platform with institutional capital and discipline. www.glenmontcapital.com. Photos/Multimedia Gallery Available: http://www.businesswire.com/cgi-bin/mmg.cgi?eid=6106534&lang=en MULTIMEDIA AVAILABLE: http://www.businesswire.com/cgi-bin/mmg.cgi?eid=6106534 Contact: Resolution Services, LLC Eric Ewoldt – eewoldt@resolutionservicesllc.com Jay Litt – jlitt@resolutionservicesllc.com 888-627-7523 or Glenmont Capital Management, LLC Joe Smith – jsmith@glenmontcapital.com 212-582-2500 or Media Inquiries for Resolution Services LLC Kathleen Casper – kcasper@ewoldt.com 561-706-7264 Source: Resolution Services, LLC
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