Georgia-based Global Hotel Group has acquired four Orlando-area budget motels as part of a larger portfolio deal worth $279.4 million.
The growing company maintains a diverse portfolio of full-service, select and budget properties, but the bulk of its holdings are economy brands.
The Central Florida properties that transacted were all sold by Texas-based G6 Hospitality, corporate for Motel 6 branded assets. They included three Motel 6 flags and one Rodeway Inn and sold for a combined $33.3 million.
Starwood Mortgage Property financed the deal through a $180.8 million mortgage to the buyer, which covered the acquisition cost of at least four hotels in Central Florida, four in South Florida, and refinancing of Motel 6 assets in Lakeland and Miami. The Florida hotels accounted for 73% of the value of properties in the deal, according to the loan document.
These are the Central Florida transactions:
- Motel 6 Universal at 5909 American Way sold for $10.5 million. Near the intersection of Universal Boulevard and International Drive, it was built in 2002 and has 148 rooms.
- Motel 6 Winter Park at 5300 Adanson St. sold for $6.7 million. This 2-story motel is just northwest of the Lee Road interchange at Interstate 4. It was built in 1989 and has 121 rooms.
- Motel 6 Kissimmee Maingate East sold for $9.5 million. Located across from the Old Town shopping and entertainment complex, this is the largest of the four properties. It occupies more than 8 acres and includes 10 connected 2-story buildings. The motel was built in 1985.
- Rodeway Inn Kissimmee sold for $6.6 million. It was built in 1983 as the Motel 6 Kissimmee Maingate West but was rebranded to Rodeway Inn after it was sold in 2017. The former owner, Delaware Hotel Group, was led by in, who was convicted of bank fraud in 2021 and sentenced to more than five years in prison. The property reverted back to G6 Hospitality, which resold it to Global Hotel Group.
Florida-based Dhruv Management will manage the properties.
The South Florida Business Journal reported that three Motel 6 properties and one extended stay Studio 6 hotel in Miami and Fort Lauderdale were part of the portfolio deal. Those assets have a combined value of $46.45 million.