The hotel is within walking distance to the planned $2 billion, six million-square-foot, mixed-use office, retail and multifamily development.

ORLANDO—Hotels are rising left and right in Central Florida. PRISA Group, a family-owned developer, builder and owner of green residential communities, hospitality and resort projects in Puerto Rico and Florida, has partnered with Peachtree Hotel Group to develop three select-service hotels in Florida.

The hotels include a dual-brand SpringHill Suites by Marriott Orlando; the Mall at Millenia and Residence Inn by Marriot Orlando and Mall at Millenia, with 120 and 134 suites, respectively; and AC Hotel by Marriott Tampa/Airport—Westshore with 175 rooms.

Orlando is the number one meeting destination in the United States, according to Cvnt Supplier Network rankings. The city is also attracting new group dining venues, new teambuilding experiences, and expansions and upgrades to meeting destinations.

At the same time, the tourism market is hopping. Visit Orlando announced a new all-time record for the destination. In 2015, 66.1 million people visited Orlando, growing 5.5% from 2014 and solidifying Orlando's position as the most visited destination in the nation. Visits to Orlando more than doubled over the past 20 years, growing from 32.4 million in 1995.

The Orlando hotels are located next to the Mall at Millenia, the top 7th highest grossing mall in the US. The AC Hotel in Tampa will be part of the MetWest International complex, located in Westshore, the largest office district on the west coast of Florida. Marriott Corporation will manage all three hotels, which are expected to open in December 2017.

“Our select service hotel platform continues to grow with the addition of three new hotels in key markets in Florida, all next to vibrant food, beverage and entertainment options and with a modern design aesthetic,” says Federico Stubbe, PRISA president and CEO. “We continue to pursue ground-up opportunities in submarkets in the Southeast with strong entertainment offerings.”

A partnership between PRISA Group and Orlando-based Welbro Building Corporation is constructing the hotels. Popular Community Bank provided the financing for the hospitality projects.

“We continue to seek out best-in-class partners…,” says Jatin Desai, Peachtree's chief investment officer. “With more than $89 billion in tourism revenue in 2015 alone, Florida remains one of the nation's top destinations, and we fully expect these properties to quickly become market leaders following their initial ramp-up stages.”

Beyond new development, hotel investors are also zeroing in on Central Florida. Westin Tampa Harbour Island, a 229-room full-service hotel in Downtown Tampa's waterfront on Harbour Island, just traded hands. HFF, which represented the seller, declined to disclose the sale price.

“The Westin is a high-quality asset in a great location on the waterfront in Downtown Tampa,” HFF senior managing director Daniel Peek tells GlobeSt.com. “We expect the new owners to undertake a significant renovation that will enhance the hotel's competiveness and the inventory of hotels available to group and transient travelers visiting the market.”

Paul Hoffman, a broker with Coldwell Banker NRT, tells GlobeSt.com the Orlando area is still a top tourism destination with 62 million visitors annually and 32 million hotel room nights sold. Currently, he notes, there are $5 billion in new theme park and hotel projects under way at ever-expanding destinations like Disney World, Universal, Sea World, LEGOLAND as well as new attractions like I-Drive 360, Skype and Margarita Village.

“These projects will ensure that Orlando will remain a 'must visit' destination for tourists of all ages to enjoy,” Hoffman says. “Demand for tourism-related commercial, residential, recreational and entertainment spaces is very strong near the attractions.”

A partnership between PRISA Group and Orlando-based Welbro Building Corporation is constructing the hotels. Popular Community Bank provided the financing for the hospitality projects.

Instant Insights /

Central Florida's Hotel Boom Gains Big Mo

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