Mexican timeshare company pays $10.5M for Kissimmee hotel

GrowthSpotter

Mar 29, 2019 9:47 AM

The 200-key Satisfaction Orlando Resort was sold this week to Royal Park Hotels & Resorts, a division of the Royal Holiday Vacation Club, for $10.5 million. (Osceola County Property Appraiser)

A Mexican timeshare and resort company has acquired a recently renovated 200-room hotel on Kissimmee's W192 corridor.

Pablo Gonzalez Carbonell, president of Royal Holiday Vacation Club, is affiliated with the entity that paid $10.5 million this week for the Satisfaction Orlando Resort.

The hotel now is listed as one of the company's three Orlando-area resort properties, available to its 100,000 members.

The seller was Satisfaction Corp., headed by French Canadian businessman Martin Coulombe. Satisfaction bought the hotel at 1500 N. Thacker Avenue in 2011. The company proceeded with a full renovation of the 3-story property, adding new flooring, stone accent walls, kitchenettes, granite counters and furniture. The pool area and expansive deck also were fully upgraded.

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The property comprises two buildings constructed in 1973 and and a third added in 1984. It has a variety of room sizes, ranging from a standard single to family suite with kitchen and two bedrooms.

Royal Holiday's Gonzalez Carbonell founded the vacation club 30 years ago. It now has 180 destinations worldwide and its own chain of hotels: Park Royal Hotels & Resorts. The company employs 4,000 people.

Gonzalez Carbonell also sits on the Board of Director of one of Mexico's largest restaurant companies, Corp Mexicana de Restaurantes (CMR), which operates chain restaurants such as Olive Garden, Red Lobster and The Capital Grille in Mexico. Last year CMR announced plans to open 150 Nescafé shops by 2026.

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Coulombe's Satisfaction Corp. also owns 9 acres on U.S. 192 stretching along Lake Cecile and has been renovating the property for the last two years. A pivotal condo fire scene in the 2017 film, The Florida Project, was shot on that location prior to the demolition of several buildings.

Satisfaction provided $6.5 million in seller-financing to facilitate the deal, which marks the first hotel sale of 2019 in Oscoela County. Last year 10 lodging properties were sold, some for less than $1 million. The most expensive deal of 2018 was the $29.4 million sale of the Radisson Resort Orlando-Celebration, which is now in the process of being rebranded as a Marriott premium service Delta Hotel.

Have a tip about Central Florida development? Contact me at lkinsler@GrowthSpotter.com or (407) 420-6261, or tweet me at @LKinslerOGrowth. Follow GrowthSpotter on Facebook, Twitter and LinkedIn.

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