Monarch Acquires Orlando Hotel Through Chapter 11 Process

The firm has agreed to purchase the 400-room, Crowne Plaza Orlando Universal Boulevard, which was auctioned by Universal Towers Construction Inc.

ORLANDO, FL – Monarch Alternative Capital LP has reached an agreement to purchase the 400-room, Crowne Plaza Orlando Universal Boulevard hotel in Orlando, FL.

The hotel was auctioned by Universal Towers Construction Inc. through a Section 363 sale process, as part of the debtor’s Chapter 11 restructuring.

The full-service, upscale hotel first opened in 2002 and generated consistent class flow, prior to the pandemic.

Monarch Alternative Capital intends to provide additional capital to upgrade the hotel, upon closing, which is anticipated for early May.

Located in the city’s International Drive submarket, near attractions and destinations, such as Universal Orlando Resort, the Orange County Convention Center, SeaWorld and the Orlando International Premium Outlets.

“The Crowne Plaza Orlando acquisition exemplifies our strategy of investing opportunistically in dislocated and distressed situations across asset classes, and increasingly in real estate, where we believe there are attractive investment opportunities,” states Ian Glastein, managing principal at Monarch Alternative Capital.

Glastein  adds, “Our belief in the potential of this unique property reflects the strength of its location and our ability to introduce a new business plan to maximize the value of the hotel going forward.  The opportunity in hospitality, caused by the temporary but deep disruption of many properties during COVID-19, is just beginning to emerge and is expected to increase tremendously over the coming months.”

The firm plans to operate the property in partnership with a management company.