X

Thank you for sharing!

Your article was successfully shared with the contacts you provided.

ORLANDO-Atlanta-based Grove Street Partners has sold two hotels near SeaWorld to Apple REIT Nine Inc. of Richmond, VA. The purchase price was not immediately available for the hotels, which opened July 1.

The hotels, a SpringHill Suites and a Fairfield Inn & Suites, both brands of Marriott International Inc., have 200 rooms each and were developed in a joint venture with Ed Lee LLC. Grove Street originally bought its site adjacent to SeaWorld’s 59-acre Aquatica waterpark nearly two years ago and started construction in March 2008.

“Despite the challenging economy, these hotels have opened with strong early demand,” says Jim Stormont, a partner in Grove Street. He believes the hotels will produce strong profits and room revenue for the new owner, adding that this is his firm’s first transaction with Apple.

Both hotels share various amenities including a pool, fitness center, bar and grill, children’s playground and SeaWorld-themed water features.

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?

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 © 2021 ALM Media Properties, LLC. All Rights Reserved.