The Continental Plaza Hotel on Kissimmee's W. U.S. 192 sold on April 5 to group of Vietnamese investors for $5 million.
JC Investments FL LLC, a recently created Florida business, bought the 200-room hotel at 7785 W. Irlo Bronson Memorial Highway. T.C. Chen, senior advisor with SVN and selling agent on the property, said the buyer is a Vietnamese investment group.
The seller, Tristar Hotels Group LLC, previously paid $2.55 million for the property in 2003. The hotel was built in 1983, according to Osceola property appraiser records. Made up of investors in Orlando and Missouri, Tristar also owns the Orlando Continental Hotel at 6825 Visitors Circle, Orlando.
The buyer's agent, Peter Dang of Re-Max, said the hotel has been closed for renovations after the purchase. There are plans to refresh the hotel, but no large changes beyond, perhaps, combining some rooms to create suites, he said.
"This is early stage," Dang said.
The hotel was recently renovated to Days Inn franchise standards, with the new owner having the option to convert to that flag or continue operating as an independent. The property is visible on U.S. 192 and is just 1.5 miles from Walt Disney World Resort.
Dang said JC Investments has no plans to purchase more properties in the area now.
The buyer took out a second mortgage of $2.5 million from the seller to help finance the purchase.
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