Hollywood-based hotel owner-operator AD1 Global has flags lined up for a trio of select service hotels proposed on 57-plus acres in southwest Orange County near Four Corners, and will seek a general contractor and lender in the coming months, a lead executive with the company told GrowthSpotter.
The developer filed a preliminary site plan in early December with Orange County for three seven-story hotels with about 145 rooms each (429 total), and a shared water park. The property lies at 17509 Bali Blvd., northwest of the Avalon Road intersection and 7.7 miles west of Disney's Animal Kingdom.
While they have yet to file a formal Development Plan, AD1 earned a recommendation on Wednesday from the Development Review Committee to convert 300 timeshare units into 500 hotel rooms within the Cassis Development PD, and have five waivers from county code. The request goes before County Commissioners next.
The developer will work in the coming months to file that DP and construction plans, with an eye to start mass grading in First Quarter 2018, said Alex Fridzon, chief financial officer.
Projected as a $70 million investment, AD1 would develop and own the three hotels and amenity center itself, but may also pursue subdividing the property into four lots to facilitate future sale options, he added.
The properties would benefit from back-of-house synergies, and share amenities that could include a multipurpose grass field, outdoor restaurant, clubhouse, "FlowRider" surf machine, lazy river, splash zone, swimming pool with water falls, spas, a tiki bar, waterslide tower, zip line, and a beach area and volleyball court that fronts a man-made lake.
AD1 will seek its general contractor in the latter half of this year, said Fridzon, and a construction lender to finance up to 65 percent of the project's cost.
AD1 paid $8.6 million in August 2016 for its second value-add hotel on International Drive, the Comfort Inn International behind Mango's Tropical Cafe.
AD1 now owns eight hotels, of which three are in Greater Orlando. The company also has one hotel under construction in South Florida, and two slated to begin construction later this year.