Three-Property Hospitality Repositioning, Redevelopment Opportunity Sells In Central Florida For $40.9 Million

Jun 13, 2018 No Comments by

Marcus & Millichap announced the sale of a three-property hospitality repositioning and redevelopment opportunity in Orlando.

The three properties sold for a total of $40.9 million.

 

“Collectively, these contiguous assets represent the best hospitality repositioning and redevelopment opportunity in Orlando,” says Ahmed Kabani, first vice president investments in Marcus & Millichap’s Miami office. “The assets’ growth potential and location near the Orange County Convention Center attracted many potential buyers, including investors from China and South America. The new owner, however, is a local family with a great deal of experience in the Orlando hospitality marketplace. One of the properties, the Orlando Metropolitan Resort, has already been rebranded as a Clarion hotel.”

Kabani had the exclusive listing to market the property on behalf of the seller, a private investor, and procured the buyer.

The properties are all located in Orlando’s International Drive submarket. They are:

Orlando Metropolitan Resort, a 297-room hotel and development opportunity located on nearly four acres on Austrian Court

• A 1.58-acre parcel of buildable land on Austrian Court

Allure Resort, a 223-room hotel located on more than five acres on International Drive

 

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