Property investor Amin Gulamali just bought the Eo Inn across Lake Eola with major plans in the works for this year and its future.
First Gulamali told GrowthSpotter he intends to invest capital into renovating the property. Updates to its 21 suites and lobby will be at the forefront of his plans, he said.
Another 5,000 square feet of available restaurant and retail space on its first floor are also being marketed for lease, he added.
“It previously had a food vendor and I would like something like a small market,” Gulamali said. “If we can’t find a tenant, then I’ll rent out the space for events. The holidays are coming soon and the venue is a nice spot for meeting space, receptions, conferences or Christmas parties.”
Gulamali paid $3.45 million for the property at 227 N. Eola Dr., meaning the deal for the 18,236-square-foot hotel breaks down to about $190 per square foot. Amenities include a small second-floor terrace with a hot tub and 1,100 square feet of patio space on its ground floor.
The Eo Inn sits on about a third of an acre on the southeast corner of East Robinson Street and North Eola Drive — a prominent corner to have a hold on in view of Orlando’s growing downtown, Gulamali said.
“Having anything near downtown Orlando, you cannot go wrong,” he said. “One of its biggest attractions is Lake Eola and it’s right there [next to the property].”
Brands under its umbrella include: Ascend Hotel Collection, Cambria Hotels, Comfort Sleep Inn, Quality Inn, Clarion MainStay Suites and WoodSpring Suites.
Patricia Sullivan of Olde Town Brokers represented both sides of the deal.
The seller is an investment group that was incorporated in 1998 called Eola Land Co. The company is led by Philip Rampy, Scott Sprague, Larry Jackson and Eddie Cooper.
Nearby, developer Mark Kinchla is vying to build luxury townhomes on a vacant parcel at 330 Broadway Ave. Dubbed the “Fountain VU 5,” prices for the planned five townhomes were estimated to reach about $1 million per unit.
Editor’s note: An earlier version misstated the developer wanted to demolish the building.