Prudential Real Estate Investors of Newark, NJ is HEI's joint venture partner in the deal. Representatives of buyer and seller couldn't be reached at GlobeSt.com's publication deadline to learn the hotel's occupancy and average daily room rate.

But Florida hospitality industry estimators tell GlobeSt.com on condition of anonymity the business traveler-oriented hotel at 350 S. North Lake Blvd., Altamonte Springs, FL is at the 75%-occupancy level.

Orlando construction industry estimators tell GlobeSt.com the hotel's purchase price is below replacement cost, estimated today at a minimum $100,000 per room.

"Although the overall Orlando market has suffered from the after-effects of the (9-11-01) terrorist attacks, we believe this hotel has great growth potential, especially after we complete the upgrade program," HEI principal Gary Mendell says in a prepared statement.

Mendell says the hotel previously "earned some of the highest guest satisfaction scores in the Hilton system and we intend to build on that goodwill." He says the property physically is "in overall good shape."

Smilezzz Hospitality, an HEI subsidiary, will manage the property. James Sega, the former general manager of Sheraton Fisherman's Wharf in San Francisco, has been recruited as the Orlando Hilton's GM.

Norman Justice, a former regional controller for MeriStar Hotels & Resorts, is Orlando Hilton's new controller.

The hotel has 16,000 sf of meeting space; a 100-seat Grill at Lofton's restaurant; a lobby lounge; and is a quarter of a mile from the 1.2 million-sf Altamonte Mall on Semoran Boulevard (State Road 436).

Instant Insights /

Norwalk's HEI Pays $68,323 per Room for Hilton Orlando/Altamonte Springs

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