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Hotels & Hospitality Development News in Central Florida

Boca-based hotelier buys second Kissimmee motel on W192

Boca Raton-based hotelier Rob Beyer has added a third Orlando-area motel to his “Stayable Suites” portfolio.

Beyer’s company paid $6.5 million last week for the 158-room Travelodge Suites by Wyndham Kissimmee at 5399 W. Irlo Bronson Memorial Hwy. and has already posted it on his website under his Stayable Suites extended-stay brand. Grizzard Commercial represented the buyer. The seller was Trident Hospitality, LLC.

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Beyer told GrowthSpotter he plans to invest another $1 million in renovations, including painting the exterior, resurfacing the parking lot, buying all new furnishings and bedding and upgrading the wi-fi. “We want to give it a fresh appearance,” he said.

The two-story motel was built in 1991 and sits on 3.5 acres in a prime stretch of Kissimmee’s W192 tourism corridor — directly behind Orange World landmark gift shop that’s shaped like a giant orange. It previously sold in 2017 for $5.25 million. The Magic Village by Pininfarina resort is under construction across the street.

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“We’re very bullish on Central Florida, in general,” Beyer said. “I think the growth in Kissimmee is phenomenal, especially with what Magic is doing across the street.”

Beyer bought his first Kissimmee motel before COVID, paying $7.55 million in 2019 for the former East Palm Resort right at the U.S. 192-Florida’s Turnpike interchange. He rebranded it as Stayable Suites Kissimmee. He followed that purchase in 2020 with the $6.6 million acquisition of a former Econo Lodge near the Florida Mall at 8700 S. Orange Blossom Trail, which he branded Stayable Suites Orlando. That deal closed thanks to $5.28 million in seller financing.

Beyer’s company also owns hotel properties in Jacksonville, Gainesville and Lakeland. He has another in St. Augustine under contract, set to close in March. “We’re very much still active buyers,” he said. “If we could do 12 assets this year, that would meet our goal.”

He focuses on older assets that cater to a mix of daily guests and longer-term residents. “We want to treat our guests well,” he said. “Some are in a transitional housing situation, and we want to be as humane as possible.”

More than a dozen hotels and motels sold in Osceola County over the last year — since the introduction of the COVID vaccine ushered in a return to tourism. Some notable sales include the 197-room Comfort Inn Maingaite, which traded for $12.75 million in September, and the Quality Inn & Suites by the Parks, which sold in October for $10.55 million.

Other W192 hotels and motels sold with plans for residential conversions. California-based Vivo Living, which specializes in hotel conversions, paid $10.5 million in October for the Ramada Inn at 4018 W. Vine Street in Kissimmee.

Have a tip about Central Florida development? Contact me at lkinsler@GrowthSpotter.com or (407) 420-6261, or tweet me at @byLauraKinsler. Follow GrowthSpotter on Facebook, Twitter and LinkedIn.


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