KISSIMMEE, FL—A vacant 200-room former Econo Lodge hotel here has been sold and the new ownership plans to convert the property into a senior living facility.
Marcus & Millichap reports it arranged the sale of the former hotel for $1 million to a Fort Lauderdale, FL-based limited liability company. Ahmed Kabani, a senior associate in Marcus & Millichap's Miami office, and J. Dominic Vito, an associate in Marcus & Millichap's Washington D.C. office, represented the seller, a limited liability company from Jacksonville, FL as well as the buyer.
The vacant interior corridor hotel is located at 2323 E. Irlo Bronson Memorial Highway at the entrance to Florida's Turnpike.
“The property's location with access to the turnpike made this investment opportunity particularly attractive,” says M&M's Kabani. “We received interest in the property from a variety of investors including: condominium operators, hoteliers, retail strip center developers and senior living developers.”
“The buyer plans to redevelop the vacant property into a senior living facility. This transaction is a testament to Marcus & Millichap's ability to move capital across product types,” adds Vito.
© Arc, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to TMSalesOperations@arc-network.com. For more information visit Asset & Logo Licensing.