ORLANDO—The Crowne Plaza Orlando-Downtown hotel has won the confidence of investors. Vista Group of Companies has secured a $13.5 million loan for the 227-room hotel in Downtown Orlando.
HFF represented the borrower. HFF director Michael Weinberg and real estate analysts Cecily Nazario and Alexandra Lalos led the charge.
“Orlando is a hot hotel market right now due to the strong RevPar growth we have witnessed over the past several years,” Weinberg tells GlobeSt.com. “This property has seen significant growth in NOI due to improving market fundamentals and disciplined management which made the lender very comfortable.”
Indeed, conditions in Florida's hotel sector remain on an upswing, according to Marcus & Millichap's Florida Hospitality Research Report. The firm specifically points to growth in South Florida, Jacksonville, Orlando, and Tampa providing the momentum to lift the state's economy from the downturn.
As for the Crowne Plaza Orlando-Downtown, the asset offers 227 condominium hotel units, 50 of which are two-room suites. The 14-story hotel was renovated from 2010 to 2011 and includes 8,050 square feet of meeting space, an outdoor pool, fitness center, business center, and restaurant and wine bar.
The hotel is located at 304 West Colonial Drive along Interstate 4. That's just minutes from the Central Business District and community venues such as Amway Center, Citrus Bowl, and the Dr. Phillips Performing Arts Center.
“This asset is supremely high-quality in terms of interior finishes and level of service,” Weinberg says. “The Vista Hospitality team always does an excellent job maintaining and operating their hotels.”
© Touchpoint Markets, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to asset-and-logo-licensing@alm.com. For more inforrmation visit Asset & Logo Licensing.
