Waramaug Hospitality was originally founded by Paul Nussbaum in 2010 to capitalize on opportunities to acquire distressed hotel assets at steeply discounted prices following the financial crisis of 2008. Paul formed a joint venture with Varde Partners, a major private equity firm based in Minneapolis, and Interstate Hotels Resorts, based in Arlington, Virginia, which acquired twelve hotels valued at over $200 million over a two-year period. The venture has since divested all assets, realizing extraordinary returns for many of its investments.

In 2012,  Leslie Ng, Interstate’s then Chief Investment Officer, joined Waramaug, and the company began to capitalize on the superior return attributes of select-service hotels. Subsequently, in 2021 Evren Unver and Ferit Ferhangil of HazelStream Capital joined Waramaug, creating the current investment and operating platform.  Since then, Waramaug has streamlined its target investment criteria, focusing on acquiring portfolios of premium-branded select-service and compact upscale full-service hotels nationwide. 

Waramaug has a successful track record in acquiring, renovating, and repositioning assets to reach their full potential. Since inception, Waramaug has acquired more than 60 hotels with an aggregate value in excess of $1 billion. The company has acquired hotels throughout the U.S. across 27 states. The current portfolio consists of more than 30 hotels.

Waramaug’s past and present investment partners include some of the nation’s premier institutional investors as well as several well-known high-profile, high-net-worth investors.

The senior executive team utilizes their deep industry relationships and contacts to source opportunities and incorporates its vast experience to maximize returns to investors and partners. In recent years, Waramaug has focused on assets in secondary and suburban primary markets throughout the U.S., competing effectively against undercapitalized investment groups and non-institutional investors outside of core primary markets. 

Waramaug’s strategy is to acquire assets below replacement cost, add value through renovation and/or repositioning, and create sustainable long-term cash flow. Waramaug only acquires hotels with strong brand affiliations; the majority of its assets branded by Marriott, Hilton, Hyatt or IHG flags.