After paying over $1 million per key earlier this year for the 5-star Four Seasons Resort Orlando, Hospitality REIT Host Hotels & Resorts just dropped another $30 million for 5 acres of undeveloped land abutting the hotel property.
The HHR Four Seasons acquisition in May for $610 million cash broke records for the Orlando market. At the time of the sale, GrowthSpotter reported that the actual size of the deal was $640 million and that it included a future development parcel adjacent to the hotel.
The development plan for the hotel and adjacent Golden Oak community was last updated in 2014 and designates the oblong parcel as site for future Four Seasons fractional development, although a portion of the land is being used for a stormwater pond that serves both the existing hotel and future development. No specific plans for the property have ever been submitted, but the Planned Development is entitled for 60 timeshare units with a minimum of 800 square feet of living space. The development standards for the property would allow for a maximum building height of 10 stories.
Representatives from HHR were not immediately available for comment.
The Four Seasons Resort Orlando is Central Florida’s only AAA 5 Diamond rated luxury resort. It sits on 289 acres at and around 10100 Dream Tree Blvd. and provides complimentary transport to four Disney theme parks and Disney Springs. In addition to its 18-hole golf course and golf club, the resort features five pools, three tennis courts, a 13,000-square-foot spa, and a 5-acre water park and entertainment area called Explorer Island.
Disney’s exclusive Golden Oak community also features a private Four Seasons Residences neighborhood, where owners have access to the hotel amenities and services. Each home in the private community is built with two kitchens — one for the owner and one for the hotel staff to created catered meals or deliver laundry and fresh flowers.