MIAMI—The Holiday Inn Resort Lake Buena Vista, a 503-room hotel in Orlando, has sold. Vista Hospitality Company sold the hotel to ROCH Capital free and clear of debt. Financial terms of the deal were not disclosed.
According to Real Capital Analytics, this is the largest hotel sale brokered in Orlando in 2014. The hotel is part of a three-property portfolio HFF is marketing on behalf of Vista that also includes the Crowne Plaza Orlando Downtown (which is currently on the market) and the Holiday Inn Express & Suites Fort Lauderdale, which closed in March.
“The seller underwent a massive renovation to convert this asset from exterior to interior corridors,” HFF director Michael Weinberg tells GlobeSt.com. “This process was unique and gave them a product offering that exceeds the expectations of guests with oversized rooms relative to the competition. Customers love it!”
The Holiday Inn Resort Lake Buena Vista, a Walt Disney Good Neighbor Hotel, is located at 13351 South Apopka Vineland Road near Walt Disney World Resort and the Orlando International Airport. As Weinberg noted, the hotel saw a significant renovation in 2012.
“We are seeing a tremendous amount of debt and equity capital pour into the hospitality sector,” says Weinberg, who worked on the deal with HFF director Max Comess. “There just isn’t enough supply of transactions on the market to meet the demand which is creating competition from buyers and lenders.”
The hotel features 7,000 square feet of meeting space, a resort-style outdoor swimming pool, a new Applebee’s Neighborhood Grill & Bar, as well as a fitness center, basketball court, children’s club, gift shop and business center. Portfolio Hotels will manage the asset for ROCH.