Last summer, players in the hospitality industry spoke to GrowthSpotter about a slow down in hotel sales, due in part to costly asking prices, a high amount of hotels in the pipeline and institutional investors wanting to hold onto assets longer in hindsight of occupancy rates increasing.
This week, however, the Holiday Inn & Suites Across From Universal Orlando hotel drew in the likes of InSite Group, which recently sold the 391-room Coco Key Hotel and Water Resort on I-Drive for $21 million last month.
Industry insiders say drivers such as Orlando International Airport’s expansion, the $600 million Orange County Convention Center renovation and expansion, and the new Universal theme park will only continue to promote hotel development, but at the same time, keep occupancy strong.
AVR Realty Company bought the hotel on Kirkman Road in 1997 for about $12.6 million. The company is a real estate investment and development firm based in Yonkers, New York.
Gregory Rumpel and Zayli Rodriguez of JLL helped broker the deal.
The hotel features an outdoor heated pool with a large patio area and separate children’s pool, a 24-hour fitness center, business center, an onsite TGI Friday’s restaurant and 13,000 square feet of meeting and event space.
Location wise, the property benefits from its proximity to the Orange County Convention Center and Universal Orlando Resort.
The hotel sits along Kirkman Road, which is undergoing an extension that was voted by Orange County Commissioners in December to stretch 1.7 miles from Sand Lake Road to Universal Boulevard, next to Universal Orlando’s planned Epic Universe theme park.
The Kirkman Road extension is slated to cost about $250 million to just over $315 million to build.