A Brazilian real estate development group with one asset near International Drive has 3.5 acres under contract for its second, and plans to introduce Best Western's new boutique midscale flag GLō to the market.
Located north of the Publix-anchored Regency Village shopping center directly east of Vineland Premium Outlets, a 9.89-acre undeveloped parcel currently serves as overflow parking for that center, with access off of Vineland Avenue and Regency Village Drive.
Local real estate investor and businessman Wayne J. Hilmer Sr. brought the land under contract in Fall 2016, and has been working to subdivide it for hotel and retail developers before closing. The land is still owned by Tinwood LLC, a joint venture between Regency Centers and Publix that built the retail center in 2002.
Hilmer is still working with Kimley-Horn on a Preliminary Subdivision Plan (PSP) that would split the property into three lots of roughly 3 acres each. That PSP has yet to be approved by Orange County.
One of those lots, roughly 3.5 acres, is already under contract for an estimated $3.24 million with hard deposit to QDI 2 LLC, a U.S. affiliate of Brazilian developer QDI.
Hilmer declined to comment on Thursday regarding the contract. On Saturday, QDI's CEO Fabio Passos confirmed the pending deal for GrowthSpotter, and estimated a $17 million investment if hotel development plans are approved.
QDI entered the Orlando market in November 2015, when it paid $7.35 million for the 135-key Ramada Orlando at 8342 Jamaican Court, west of the Orlando Eye.
QDI is in the final stage of negotiations with Best Western to use its new GLō flag on the Vineland Avenue property, for what would be 150 keys or more, with 3,000 square feet of meeting space, breakfast dining area and surface parking.
VPI principal Frank DaCosta affirmed the deal for GrowthSpotter on Thursday, and Best Western's Florida regional director Rob Mentnech confirmed the flag is being negotiated for the site off Vineland Avenue.
Best Western Hotels & Resorts introduced GLō as its seventh brand in September 2015, and broke ground on its first three GLō hotels last September in Nashville; Goshen, Indiana; and Sheboygan Falls, Wisconsin.
If QDI's land purchase and flag approval goes as planned, this would be the first GLō-branded hotel in Florida.
Best Western designates GLō as a boutique midscale hotel flag. The architecture and design have elements that play off the name, using LED lighting on the building's exterior. Innovative design strategy for the floor plan saves 40-50 square feet in each room by center-loading adjacent guest room baths.
Best Western's standard design for a GLō hotel in its marketing materials is a four-story, 39,500-square-foot hotel with 79 keys, and 500 square feet per room. But the building's modular design is easily scalable to add more floors or wings, as would occur on QDI's project.
Best Western has estimated an average daily rate of about $90, depending on the market. Passos said Saturday his project estimates target a $130 ADR.