The 1,100-room Orlando Marriott Village hotel complex in Orlando’s tourism corridor just sold for between $110 million to $115 million, sources confirmed with GrowthSpotter.
The complex, located across Disney’s theme parks and attractions in Lake Buena Vista, includes the 400-room SpringHill Suites Orlando Lake Buena Vista hotel, the 388-room Fairfield Inn & Suites Orlando Lake Buena Vista hotel and the 312-room Courtyard Orlando Lake Buena Vista hotel.
Records show the deal took place across three transactions, which hands the properties over to LLCs tied to Jackson, Wyoming-based trust management company Jackson Hole Trust Company. The firm specializes in managing trusts for U.S. and international families.
Managers of the LLCs are linked to the London-based private real estate and leisure investment firm London & Regional Properties.
Hodges Ward Elliott brokered the deal.
The brokerage also represented L+R in an earlier purchase this year of the 486-room Marriott Sheraton Lake Buena Vista Resort at 12205 S. Apopka Vineland Rd., which transacted for more than $49.8 million. The price does not include probable tangible personal property, only the recorded property record price.
L+R, founded by billionaires Richard and Ian Livingstone in 1987, owns more than 17,000 hotel rooms worldwide and holds several high-end hotel brands including Iconic Luxury Hotels, Atlas Hotels and City Hotels. The company has multiple hotel brand relationships with Accor, Fairmont, Hard Rock, Hilton, Intercontinental Hotel Group, Marriott, Melia and Nobu, according to its website.
Records show the seller for the most recent purchase of the Orlando Marriott Village hotel complex was Atlanta-based hotel private equity investor Noble Investment Group.
Property records show Nobel paid $88.2 million for the complex in 2016, or about $80,181 per key. The most recent property record sale price adds up to $77 million, an $11.2 million discount off its previous property record selling price.
The price for the real estate does not reflect additional costs to cover furniture, fixtures, equipment and franchise brand.
In 2017, Noble completed a comprehensive renovation of the Courtyard Orlando Lake Buena Vista hotel. According to a company news release, guestrooms and suites were modernized as part of the renovation.
Ben Brunt, principal at Noble, previously told GrowthSpottter the company planned to upgrade each hotel.
“We see significant opportunity to physically improve these properties and dramatically enhance the guest experience both inside and outside the hotels,” he said.
The Orlando Marriott Village hotel complex was built in 2000 on the 8600 block of Vineland Avenue, southwest of Little Lake Bryan and the Orlando Vineland Premium Outlets, and less than a mile east of Walt Disney World’s main entrance via Hotel Plaza Boulevard.
Features include at least eight meeting rooms with about 4,500 square feet of total flexible event space, three pools, three fitness centers, and restaurant space including a cafe, a pizzeria and an ice cream shop.
Hotel investment sales are bouncing back in metro Orlando, following some slow activity the year before the pandemic and during.
In May, Host Hotels & Resorts Inc. dropped $610 million to purchase the 444-room Four Seasons Resort Orlando community, which sits within the gates of Walt Disney World Resort. The deal set a new per-room record for Orlando-area hotel sales at about $1.37 million a key.
The resort community around 10100 Dream Tree Blvd. saw $36 million in earnings in 2019, up from $19 million in 2016.
Representatives at L+R and Noble did not respond to requests for comment. Brokers at Hodges Ward Elliott declined to comment citing confidentiality agreements.