ORLANDO—Two strategic vacant lots spanning 280,526 square feet along Ravallo Resort Drive in Orlando's tourist corridor just traded hands. The sale price: $3.5 million.

Avison Young senior vice president Lawson Dann represented the seller, Daishin Ravillo USA in the sale of 167,706-square-foot land parcel located feet at 1901, 11969 and 11970 Ravallo Resort Drive sold for $2.364 million. Dann also represented James R. Boyce Trust in the $1.136 million sale of a land parcel spanning 112,820 square feet at 11941 Ravallo Resort Drive.

"With Orlando's tourist market continuing to stay strong, including an uptick in hotel occupancy, buyers are looking for entitled properties upon which they can effectively develop their vision," Lawson tells GlobeSt.com. "In this instance, it was paramount to assemble both properties to create the critical mass to derive the desired interest and price."

The buyer was strategic. Dann says, "The assemblage of the sites created the critical mass needed to stimulate significant developer interest, resulting in the sale of both properties to one buyer with plans for the development of a resort hotel."

Does Orlando need more hotels? We are witnessing a "perfect storm" of success with nearly six straight years of RevPAR growth in the US, which is producing remarkable NOI growth. Florida hotels had top-line year-over-year RevPAR growth of 12.1% for the 12 months ending in July 2015, according to STR. 

"Hotel values have seen a robust recovery over the last few years, especially in the top Florida markets such as Miami, Miami Beach, Fort Lauderdale, Orlando, and Tampa," Rich Lillis, an executive vice president with Colliers International South Florida. "Additionally, recent transactions show rising hotel values in Florida coastal markets such as the Florida Keys, Daytona Beach, Naples and in the Florida Panhandle."

Can the hotel market sustain strength in 2015? Check out my recent column for some additional insight.