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KISSIMMEE, FL-The 150 townhouse Doubletree Resort Orlando is under new ownership today. SRV Associates LLC of Miami paid Orlando-based Villas of St. Paul Inc. $12 million, or $80,000 per unit for the 14-year-old villas and five acres of adjoining developable land. The property is at 4767 Irlo Bronson Highway here, 10 miles south of Walt Disney world.

Based on the land value itself, the price equates to $2.4 million per acre or $55 per sf. Area industrial brokers familiar with the Kissimmee submarket tell GlobeSt.com the 150 villas can’t be replaced today for less than $100,000 per unit or a total $15 million.

The buyer has renamed the property Saratoga Resort Villas and plans to invest at least $2 million in renovations before converting the asset to a condo hotel, people in a position to know tell GlobeSt.com. The existing property has about 20,000 sf of retail, a restaurant, bar and a tennis court.

SRV has tapped Orlando-based Avista Hotels to manage and oversee renovations at the property which was 84% occupied at closing. Aztec Group Inc. of Coral Gables arranged the sale and first mortgage financing for SRV through City National Bank. The two-year Libor-based loan for $16.2 million is being repaid on an interest-only basis.

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