A joint venture between Georgia-based HOS Management, and Hawkeye Hotels just paid $3 million for a parking lot in the International Drive corridor with plans develop a new hotel under the Choice Hotels' Cambria brand.
A representative from HOS Management said they plan to break ground on a 140-room hotel in early 2020. The joint venture partnership is the latest entity to invest in the land, which local businessman and real estate investor Wayne J. Hilmer Sr. recently subdivided.
Previously a 10-acre undeveloped lot, the property was used mostly for overflow parking at the Publix-anchored Regency Village shopping center just south of the property. Tinwood LLC, a joint venture between Regency Centers and Publix, was the seller.
The two retail giants developed the Regency Village shopping center in 2002 and sold it in June to an affiliate of Apollo Global Management for $23.7 million.
Before paying $5 million for the property in 2017, Hilmer sought approvals to subdivide the land just north of the shopping center in 2016 for new hotel development.
The larger of the three lots, spanning 3.5-acres, was bought by Brazilian developer QDI a year ago for $2.8 million. The developer is planning to build a four-story, 154-key hotel at the site using Best Western's boutique midscale flag, GLō.
If QDI's development proceeds as planned, this would be the first GLō-branded hotel in Florida.
No deed has been recorded for the final 3.28-acre lot, which sits between the two lots that recently traded hands. Hilmer was not immediately available for comment.
HOS Management is based in Savannah, Georgia and has focused primarily in South Georgia and Florida. The family-owned company currently has six hotels under construction and 10 in the pipeline.
The firm is also planning to build a Hyatt House and Tru by Hilton in Buena Vista Park with partner Hawkeye Hotels. Each building is planned to feature up to 125 rooms.
Its most recent acquisition gives the joint venture control of nearly 3 acres of land east of Vineland Premium Outlets and south of Sea World, where a number of hotels are in the various stages of development.
Hilmer, an active investor in the area, sold land at 12107 Regency Village Dr. in 2014 to Floridays Development, which built a Home2 Suites by Hilton hotel on the site.
Hilmer's company, Cathay Holdings Inc., has been involved in the acquisition and commercial real estate financing in Central Florida for many years, with a portfolio of investment properties in the area. He's the founder of Touchrate Solutions in Orlando, and founded Omni International Jet Trading, which his son Wayne J. Hilmer Jr. now runs as president.
In 2016, a company tied to Hilmer Sr. sold 2.4-acres of land at 12005 Regency Village Dr. to another Floridays affiliate with plans for a 144-key Holiday Inn & Suites.