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Buyer JV pays $4.9 million for hotel pads at Buena Vista Park

Buyer JV pays $4.9 million for hotel pads at Buena Vista Park
Hotel companies based in Iowa and Georgia teamed up to buy two hotel pads in Buena Vista Park for a combined $5 million. They're planning a Tru by Hilton and Hyatt House, to join several new hotels recently built along Palm Parkway. (Orange County Property Appraiser/staff edit)

Kissimmee-based  Carter Hospitality Group has sold two of its three entitled hotel parcels in Buena Vista Park for a combined $4.9 million and has the third lot under contract to another developer.

The buyer for the two southernmost lots on Ravallo Resort Drive is a joint venture between two hotel owner-operators, both making their market entry in Orlando. They're planning a Hyatt House and Tru by Hilton, each with approximately 125 rooms, but neither has filed development plans yet with Orange County.

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HOS Management is based in Savannah and has focused primarily in South Georgia and Florida. The family-owned company currently has six hotels under construction and 10 in the pipeline.

Iowa-based Hawkeye Hotels, currently has more than a dozen hotels in development across the eastern United States. The company was founded in 1982 and over $750 million in assets across the country.

The 3.8 acres in Buena Vista Park were listed for sale through HREC Investment Advisors. HREC Vice President Paul Sexton told GrowthSpotter the remaining hotel pad is under contract to another buyer. Carter Hospitality filed plans in 2018 for a 4-story, 149-key Comfort Suites.

The new trio would join a bevy of planned and recently completed hotels in the Buena Vista Park Planned Development on Palm Parkway, including a Marriott dual-branded hotel, Aloft and Holiday Inn Express.

Carter paid $3.5 million in late 2016 for a five-parcel assemblage on both sides of Ravallo Resort Drive, just off Palm Parkway. The property holds entitlements for 900 hotel keys, following a convention hotel planned for the site that failed during the recession.

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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