In Kissimmee, the 295-unit Holiday Inn Maingate West was sold to a first-time hotelier based in Florida who plans to convert the property to a condominium hotel. Also, the 445-unit Hawaiian Maingate Resort was sold to a California-based investment group that plans to invest $3.5 million to renovate the property and rebrand it as a member of the America's Best Value Inn lodging system; and the 391-unit was sold to a Florida-based investment group that owns another hotel in the Kissimmee market.
The Orlando property, the 218-unit I-Drive Inn, was sold to a Michigan-based hotelier who plans to spend $2 million to renovate the property.
Sun Hospitality Advisors vice president Robert O'Leary tells GlobeSt.com that the properties had been foreclosed upon and were owned by the lenders. Sun Hospitality Advisors is a division of the Plasencia Group Inc., which were hired to sell the properties.
"We put together a comprehensive marketing plan that focused on the unique strengths and upside potential of each hotel," O'Leary says. "The properties are now well positioned to benefit from the growth of the Florida market, as well as the individual talents and commitments being applied by their new owners."
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