ORLANDO-Getting ready to invest in other products, Ordevco Hotel LLC, an affiliate of Savannah, GA-based Concorde Finance and Investment Inc., has sold the 718-room Radisson Resort Parkway in Kissimmee for $43.5 million or about $60,585 per room. The hotel is about 12 miles east of Walt Disney World in Osceola County.

Ordevco has owned the property since it was developed in two phases in 1987 and 1991 by Houston-based Intergroup Realty Inc. Intergroup president Tandy O. Lofland, who arranged the sale and negotiated for the seller, identified the buyer only as a US real estate investment fund that represented itself in the transaction.

The property was on the market for 2.5 months and took 75 days to complete, from contract signing to closing, Lofland tells GlobeSt.com. Occupancy at closing was about 75%. The resort is being sold at this time “to redeploy the owner’s equity to other opportunities,” Lofland says.

The Radisson is surrounded by seven man-made lakes on 21 landscaped acres. The resort has 7,000 sf of meeting space, two large pools, a full-service restaurant, deli, sports lounge and a full complement of recreational amenities, Lofland says. An extensive renovation of the resort was completed in 2001.

The property is located within the Parkway, a 195-acre mixed-use project being developed, marketed and managed by Intergroup for the past 15 years. When completed, the Parkway will contain “several thousand hotel and timeshare units and over 100,000 sf of retail, restaurants and tourist attractions,” Lofland tells GlobeSt.com.

The Parkway is located next to the 30,000-sf Disney enclave and across the street from the Disney-created city of Celebration. The Radisson Resort Parkway marks the latest Intergroup project or transaction with Concorde and its affiliates. The two firms have previously done deals at the Four Seasons Buenos Aires, Argentina and Four Seasons Resort Carmelo, Uruguay, Lofland says.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?


NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.

Dig Deeper

 

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2024 ALM Global, LLC. All Rights Reserved.