Private investment group Waramaug Hospitality, along with Interstate Hotels & Resorts and an alternate money management firm, has acquired the Hilton Concord in Concord, California, from Interstate Hotels & Resorts.
Following the purchase, the hotel will be owned by the Hilton group and will continue to be operated by Interstate Hotels & Resorts.
Hilton Concord recently secured two significant awards in 2013, by TripAdvisor and also by the Governor of the State of California for the Governor’s Environmental and Economic Leadership Award (GEELA).
The 2013 TripAdvisor Certificate of Excellence Award was awarded to Hilton Concord for receiving outstanding traveller reviews on TripAdvisor, while the GEELA award was given for its outstanding commitment to sustainability and the environment, the first Hilton brand hotel to ever win this award.
Waramaug Hospitality founder and managing partner Paul Nussbaum said, "The hotel is on the cutting-edge of technology and sustainability which we believe is key to its profitability."
"By adding this hotel to our group, we raise the bar much higher and know we can expect great things from the Hilton Concord in the years to come," Nussbaum added.
The 329-room Hilton Concord has a laundry system that conserves water, energy and natural gas, a Biodigester installed to divert compostable and recyclable materials from landfills as well as an extensive recycling programme.
The hotel also features LED lighting, a Pelican Wireless HVAC energy management system, solar window film, Eco-flush water-saving toilets, Energy Star efficient equipment, and Verdafero software.
Hilton Concord also has the largest electric vehicle charging stations in northern California and a concept restaurant called Plate & Vine offering locally, sourced and regionally inspired cuisine.
Interstate Hotels & Resorts chief investment officer Leslie Ng said the group has a strong familiarity with the Hilton Concord and is optimistic for its future in fulfilling the company’s strategic objectives in the market.
"We saw a terrific opportunity to bring in a well-known strategic partner to realise future value, and proceeds from the sale will strengthen our balance sheet for subsequent investments," Ng added.