Thank you for sharing!

Your article was successfully shared with the contacts you provided.

ORLANDO-Making its first deal, Resolution Services LLC has paired with Glenmont Capital Management to acquire the lender-owned Sheraton Orlando Downtown hotel. The new owners will invest an additional $4 million into the 1980s, 341-unit hotel; and a flag change is in the asset’s near future.

Jay Litt, partner with Resolution Services tells GlobeSt.com that the play was opportunistic and the value-add component on the property will involve operational changes in addition to a different brand, which he declined to discuss. “We love hotels that were recently renovated,” he adds. Sheraton Orlando Downtown at 60 South Ivanhoe Blvd. recently underwent a $10 million renovation.

The hotel went into foreclosure and was auctioned in September. Lender Gramercy Investments, which had a judgment of more than $44 million against the hotel’s former owner, bought the asset.

With its first hospitality under its belt, Resolution Services is on the lookout for more. Litt says the search is taking the company throughout the United States, Central America and the Caribbean. Full-service properties are the assets of first choice, he adds, though he and partners Eric Ewoldt and Ed Miller would also look at smaller properties with food and beverage components.

“We look at the bones of the hotel,” Litt continues. “We’re operators, not finance; we look at the potential for restructuring operations to improve an asset.” Such restructuring could include insurance, real estate taxes, purchasing and procurement, and machinery obsolescence.

Though the market is terrible for the hotel sector right now, Litt points out that this is a good time for well-capitalized companies to come in and change things around. “Smart buyers and prudent operators are great for assisting lenders, and helping them build value in a asset, so it can sell for more,” he adds.

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?



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 © 2022 ALM Global, LLC. All Rights Reserved.