Another motel has changed hands on Kissimmee's W192 tourist corridor.
Magic Key Investment LLC paid $1.75 million last week for the Key Motel at 4810 W Irlo Bronson Memorial Hwy., across from a SuperTarget-anchored shopping center.
The 2.66-acre tract on Lake Cecile includes a 47-room motel, built in 1981, as well as a 2,500-square-foot home on the lakefront. The seller, Key Motel Co., had owned and operated the motel since 1992.
Esperanza Wyman, owner-broker of La Primera Inc., represented the seller. She told GrowthSpotter the buyers are Chinese investors and the Key is their first Florida investment.
"They really like 192," she said. "They were attracted to this property specifically because they see the potential in the location and the beauty of the lake. They like that's it's close to Disney and other attractions."
The motel is located on a stretch of W192 that's seeing significant redevelopment. French hotelier Nicholas Greaux and his parents have applied for building permits for a 10-room boutique hotel next door.
Greaux told GrowthSpotter last year the family planned to expand the luxury hotel to 26 suites.
Another Lake Cecile property is also undergoing a major transformation. Canadian hotelier Martin Coulombe and his wife, Brigitte Giguere, are currently renovating the former Residence Inn property on the lakefront.
The couple wants to reopen four buildings, which comprise 48 renovated suites and a clubhouse, in December. They met with county officials in September to discuss demolishing the remaining six buildings and construct a new hotel on the site.
Wyman said the new owners of the Key have already begun cosmetic improvements, including painting and landscape improvements and a new sign. All of the rooms will be renovated with new carpet and paint.
"At this point, they're not planning any structural changes," she said.
Weston-based 4810 Lakefront Hotel Group LLC, an affiliate of Hurwit Management Group, provided $800,000 in financing for the purchase.
The investors have already contracted with a local hotel management company and has applied for a new sign grant from the W192 Development Authority. They plan to conduct a market study to determine the highest and best use of the property, Wyman added.
"It will all depend on what happens on W192," she said, noting that many investors are waiting to see progress on major projects, such as Magic Place.