ORLANDO—Sheraton Orlando Downtown has traded hands. Financial terms on the sale of the 291-room hotel were not disclosed, but in a story about aging hotels getting renovations the Orlando Sentinel reported developers are giving the Sheraton Orlando Downtown a $17 million facelift.
Robert Taylor of CBRE Miami, along with Ron Danko of the firm’s New York City office, exclusively represented the seller. Alena Hospitality of Orlando acquired the hotel and plans to renovate and reposition it to fly a Marriot Renaissance flag.
As the anchor for the City of Orlando’s Creative Village redevelopment project, Taylor says the Sheraton Orlando Downtown represents a unique value-add opportunity. As he sees it, the Downtown Orlando market has evolved and remains exciting for many investors.
“Alena Hospitality had tremendous experience in the Orlando market and had the vision to work with the city on the land lease, while purchasing the asset and eventually repositioning the asset with a stronger, full-service flag,” Taylor says. “We had tremendous interest in the Orlando market due to its global reputation for visitors and investors alike.”
Located 400 West Livingston Street just off of Interstate 4, the Sheraton Orlando Downtown is in the heart of Downtown Orlando’s business and entertainment district. Downtown Orlando is witnessing a historic arts-and-entertainment renaissance as a result of the development of three state-of-the-art community venues.
That renaissance includes the new Amway Center that opened in 2010, which is walking distance from the hotel; the $386 million Dr. Phillips Center for Performing Arts, scheduled to open in 2014; and the 68-acre Creative Village, adjacent to the hotel. Other downtown developments include an upgraded Florida Citrus Bowl as well as a new soccer stadium between the Citrus Bowl and the Amway Center, as well as major infrastructure improvements to Interstate 4 and Sun Rail that will improve access to the hotel.
“The transaction had multiple twist and turns,” says Danko. “However, the Alena team never wavered and through a collective effort and cooperation by all parties involved we closed the transaction as planned.”