Austin-based Summit Hotel Properties is pursuing a nine-story, 168-key Hyatt House hotel on a vacant lot it owns just outside the eastern entry to Universal Orlando on Caravan Court, property primed for growth when Caravan is connected by the I-4 Ultimate's new flyover bridge to Grand National Drive.
Summit owns and operates the 151-key Hyatt Place next door, for which it paid $12.8 million in January 2013 to buy the hotel, and the 6.26 total acres across two parcels.
Summit has now filed a master plan application with the City of Orlando for both parcels on Caravan Court. The proposed new Hyatt House will be built on the 3.18-acre lot at 5897 Caravan, along with a few modifications to the existing Hyatt Place on the second lot. A separate replat for the purposes of configuring lot lines will follow the approval.
Daniel P. Hansen, Summit president and CEO, declined to comment on Thursday afternoon, citing limits imposed on the company by its publicly traded status. The company's other Orlando hotel is a Hyatt Place on International Drive, one mile from the Orange County Convention Center.
The new project is expected to be heard on May 17 by Orlando's Municipal Planning Board. If passed, it would proceed for City Council approval in June or July.
Summit's new hotel would be the second in Orlando's tourism corridor to carry the Hyatt House flag, following New York-based Whitestone Realty Capital breaking ground in July 2015 on a 175-room Hyatt House hotel on North International Drive.
Summit is the second development group in the last month to stake their claim on undeveloped property that will benefit from that future flyover bridge.
Cincinnati-based North American Properties has a contract to buy 16.5 acres on the northern end of International Drive, directly south of Orlando International Premium Outlets, where it envisions a mix of retail, apartments and two hotel towers, GrowthSpotter reported on March 21.
Cardno out of Clearwater is the project's planner.