A Miami hotelier paid $4.75 million on Monday to enter the Kissimmee market, buying the 130-room Baymont Inn & Suites on the U.S. 192 corridor.
Built in 1990, the three-story hotel lies just east of Shingle Creek Regional Park and is within the W192 Development Authority district boundary.
DSH Hotel Advisors represented the seller, Maingate East Development Inc., which had owned the hotel since 2006.
"We generated a significant number of offers on the Baymont from local, regional, national, and international buyers – ultimately, we sold the property at the full list price," Principal Dennis Hopper said.
"The Kissimmee market has greatly improved over the last few years and has a positive outlook for hoteliers – we anticipate several other hotels trading in the immediate area due to the healthy market conditions and strong buyer demand," he added.
The buyer, J.E. System Service Corp., was represented by George Jimenez, president of Multifamily Real Estate Group Inc. He worked with the buyers for a year, first on the disposition of a 26-room hotel in Miami, followed by the acquisition of the Kissimmee property.
"As a firm we strongly believe in the strength of markets like Kissimmee, and when it fits our clients we advise for reposition of equities in such markets," Jimenez said.
This was the fifth hotel sale so far this year on the W192 corridor and second in the last few weeks. Tang Sun USA paid $4.5 million on May 25 for the Sun Inn & Suites at 5020 W. Irlo Bronson Memorial Highway.