ORLANDO—The Inn at Calypso Cay, a 159-room, select-service hotel in the South Lake Buena Vista submarket in Orlando, has won the confidence of investors. HFF just arranged $8.2 million in acquisition financing for the hotel.
HFF director Michael Weinberg represented the borrower, Palm Holdings, to place the four-year, floating-rate loan with two one-year options with a national bank. Palm plans to use a portion of the proceeds to convert the hotel to a Holiday Inn Express & Suites, one of the largest hotel brands in the industry.
"Orlando hotels are benefiting from record visitation and increased spending by guests," Weinberg tells GlobeSt.com. "The hospitality market is very strong right now."
Located at 5001 Calypso Cay Way in South Lake Buena Vista, the Inn at Calypso Cay sits near the intersection of Kissimmee Vineland Road and Osceola Parkway, two main thoroughfares servicing Orlando's tourist corridor. The hotel is less than four miles from Walt Disney World, 4.5 miles from Orlando Premium Outlets, and about 7 miles from SeaWorld Orlando.
The seven-story hotel features an outdoor pool, fitness center, business center, arcade, and sundries shop. Hotel guests also have access to three additional pools with waterslides, volleyball and basketball courts and a nine-hole mini-golf course.
"Palm Holdings has a proven track record of successful hotel renovations and brand conversions in the US, Canada and the UK," Weinberg says. "This is their second acquisition in Florida over the past couple years, and I know they are targeting more here in the sunshine state."
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