London + Regional Properties just dropped a little more than $49.8 million to purchase the Sheraton Lake Buena Vista Resort in Orlando’s tourism corridor.
The 486-key hotel at 12205 S. Apopka Vineland Rd. was sold by a partnership between New York-based real estate investment, development and management firm AWH Partners, and global investment management firm Ares Management, formerly AREA Property Partners and Apollo Real Estate Advisors.
The deal breaks down to about $102,650 per room. The sellers paid $22 million for the property in 2010, back when it was considered a distressed asset. The partners then implemented an extensive $25 million-dollar renovation to upgrade the hotel to a resort-style complex.
Guest amenities include four restaurants, two outdoor pools and a full-service spa. In addition, the resort features two bar/lounge areas, a 24-hour fitness center and free transportation to all Disney theme parks.
Mark Elliott, Daniel Peek, Rudy Reudelhuber and Alexandra Lalos, with the boutique real estate capital markets advisor, Hodges Ward Elliott, represented the seller in the transaction.
In a news release Lalos said “investors, today, see the opportunity to enter Orlando, reap immediate benefit from the market’s tourist draw, and take advantage of Orlando’s position to be one of the first group and convention markets to return post-pandemic.”
AWH Partners, also owns the Doubletree by Hilton Orlando at SeaWorld, that it purchased in 2015 for $55 million. The company, which specializes in acquiring distressed real estate assets through equity and debt, invested about $30 million in renovations and replaced its previous management with Spire Hospitality.
L+R, was founded by billionaires Richard and Ian Livingstone in 1987. The company owns more than 17,000 hotel rooms worldwide and holds several high-end hotel brands including Iconic Luxury Hotels, Atlas Hotels and City Hotels.
In addition the firm has multiple hotel brand relationships with Accor, Fairmont, Hard Rock, Hilton, Intercontinental Hotel Group, Marriott, Melia and Nobu, according to its website.