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ORLANDO-The former 228-unit, 12-story Downtown Holiday Inn at Hughey Avenue and Colonial Drive is being renamed the Lexington and converted to a condo-hotel property with penthouse suites projected to sell in the $2-million range, hotel brokers intimate with the project tell GlobeSt.com.

A $25-million renovation is under way, following the $22-million purchase of the 4.5-acre property by Orlando CityPlace LLC, a newly formed investor group headed by George Kalivretenos of Celebration, Barry Greer of St. Cloud and Robert H. Stoehr of Wisconsin. The partners paid several private property owners about $96,491 per unit for the 19-year-old property. The hotel has been operating as an America’s Best Value Inn for the past year.

Future construction of an adjacent five-story building will bring the total unit count to 1,000. Regency Management will manage the property after the renovation is completed by spring. The hotel at 304 W. Colonial Dr. will close in December for the final phase of the conversion. Most of the renovated units will be studio style in the $180,000 range. About 52 units will be one-bedroom homes at the $330,000 level.

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