An affiliate of InterContinental Hotels Group (IHG) just secured a spot within ComTerra Development Group’s 20-acre Destination Shoppes mixed-use project within the International Drive/Convention Center district of Orlando.
The deal cleared Orange County records last week. Documents show the international hotel group paid about $6.7 million for 4.5 acres of land westward of the Universal Boulevard and Destination Parkway intersection.
ComTerra bought the entire 20-acre property in 2016 for about $10 million.
Plans for the lot the sold call for developing a 288-key dual-branded EVEN and Staybridge Suites hotel, as part of ComTerra’s Destination Shoppes mixed-use project that it has been master-planning with Toronto-based partner Craft Development Corp.
A conceptual elevation shows a seven-story hotel building with a grand entrance porte-cochère and pool. Orange County’s Development Review Committee has approved the site plan, which outlines a hotel development that can feature up to 3,500 square feet of restaurant/retail space.
Dual-branded EVEN and Staybridge Suites hotels are often positioned near big attractions or establishments. A hotel with the same flags was recently completed near Amazon’s global headquarters in downtown Seattle.
James Nashman, a principal at ComTerra, told GrowthSpotter the company is working to bring a blend of office, hotel and commercial entertainment spots like themed-restaurants to its Destination Shoppes development.
Multifamily is another possibility, Nashman said.
Today much of the vacant land in the corridor is slated for dense development. To which Nashman credits to developers that intend to feed off of new, existing or proposed entertainment projects in the district, including a potential new theme park by Universal Orlando.
“The dynamics have really sped up the closings,” Nashman said of the recent deals seen in the area. “All of these demand generators combined maybe pushed [IHG]... I don’t think they’re going to wait [to start developing the hotel]."
Construction of a 7-Eleven fuel station and convenience store at the project is underway.
Just last month, GrowthSpotter reported on development plans filed by Universal Orlando that gave a glimpse to what resembled a back-of-house operations center. Plans featured about 576,100 square feet of office and industrial space on a roughly 100-acre parcel located in the 5000 block of W. Sand Lake Road.
In the past four years, the entertainment company has amassed more than 575 acres of land south of Sand Lake Road and east of Universal Boulevard.
Other nearby attractions include the recently opened, including Topgolf and Andretti Karting. Orlando-based Ripley Entertainment Inc. is expected to build a museum on about 17 acres of land nearby that it paid $7.6 million for last year.