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Hotels & Hospitality Development News in Central Florida

Wyndham Grand Orlando Resort Bonnet Creek Hotel sells for $120M

New York-based Tishman is on a roll.

Shortly after acquiring Kissimmee’s second-largest hotel, the Grand Orlando Resort at Celebration, the real estate company is dropping more money on another prime Central Florida hotel.

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According to a recently recorded deed in Orange County, Bonnet Creek Hotel Owner LLC, an entity tied to Tishman, paid $120.5 million for the Wyndham Grand Orlando Resort Bonnet Creek Hotel at 14651 Chelonia Parkway.

The deal for the 400-room hotel breaks down to about $300,000 per key. It’s located in the Bonnet Creek area in the tourism corridor, where other hotels like the 498-room Waldorf Astoria Orlando and a 1,001-room Hilton Orlando Bonnet Creek are located.

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The Wyndham Grand Orlando Resort Bonnet Creek Hotel features the 5,700-square-foot Blue Harmony Spa and Bar 1521 lounge, which offers seasonal cocktails and Japanese-inspired small bites. Other amenities include a lagoon-style pool with cabanas, a state-of-the-art fitness center, shuttle services to the theme parks, and 50,000 square feet of meeting and event space.

In an email response to GrowthSpotter, Suzanne Moore, director of sales and marketing for the resort, said the Wyndham Grand Orlando Resort is under new management with HEI Hotels and Resorts. The management company oversees more than 80 full-service, luxury hotels and resorts throughout the United States.

“There are no immediate changes to announce at this time, but we expect some enhancements, which have yet to be finalized,” she wrote. HEI’s Cathy Zucker has been assigned to be the hotel’s new general manager. All other associates were retained, Moore said.

Records show the buying entity financed the deal with an $81.125 million loan from Banco Popular de Puerto Rico. Holland & Knight’s Vivian de las Cuevas-Diaz helped secure the mortgage. Richard Fildes, a shareholder with Lowndes, represented the buyer.

The seller was Wyndham Bonnet Creek Hotel LLC, led by Scott LePage, president of the Americas division at Wyndham Hotels & Resorts.

In 2005, Wyndham paid $19.5 million for the land — meaning the hospitality company has owned the 7.3-acre site for roughly 17 years. In 2011 the hotel became the second Wyndham hotel property in the immediate vicinity of Disney World, despite construction lagging for many years during the Great Recession.

Currently, Tishman is rebranding the Grand Orlando Resort at Celebration in Kissimmee. In a previous interview with GrowthSpotter, Eric Opron, Tishman executive vice president, said the hotel brand will be changed to carry Marriott’s Delta Hotels brand. The transition was already in the works by the time of the sale.

Opron did not respond to requests for comment.

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The New York-based real estate company specializes in acquisition, development, management and advising services and has been active in the Orlando market for more than 30 years. In the Greater Orlando hotel sector, it owns stakes in the Walt Disney World Swan and Dolphin hotels in Lake Buena Vista. The 349-room Walt Disney World Swan Reserve, an Autograph Collection Hotel, opened in November 2021.

In 2018, Tishman paid $81 million for three select-service hotels near Orlando theme parks. In total, the three properties, Homewood Suites Orlando, Homewood Suites Lake Buena Vista and Hilton Garden Inn Lake Buena Vista, feature 400 rooms in Orlando’s tourism corridor.

Hotel investment sales are bouncing back in Greater Orlando, following some slow activity that only worsened throughout the pandemic.

Last year, Host Hotels & Resorts Inc. dropped $610 million to purchase the 444-room Four Seasons Resort Orlando community, which sits within the gates of Walt Disney World Resort. The deal set a new per-room record for Orlando-area hotel sales at about $1.37 million a key.

The resort community around 10100 Dream Tree Blvd. saw $36 million in earnings in 2019, up from $19 million in 2016. It’s Central Florida’s only AAA 5 Diamond rated luxury resort.

A couple of months later, the sale of the Orlando Marriott Village hotel complex, which includes the 400-room SpringHill Suites Orlando Lake Buena Vista hotel, the 388-room Fairfield Inn & Suites Orlando Lake Buena Vista hotel and the 312-room Courtyard Orlando Lake Buena Vista hotel, also topped $100 million.

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In addition, the same buyer, London & Regional Properties, bought the 486-room Marriott Sheraton Lake Buena Vista Resort at 12205 S. Apopka Vineland Rd. for more than $49.8 million in a separate transaction.

Those deals skyrocketed Greater Orlando’s total hotel sales volume last year, which surpassed $1 billion, according to Berkadia research shared with GrowthSpotter.

According to the data, $1.32 billion in hotel sales traded hands in 2021 within the Orlando Metro last year, surpassing the 2019 ($208,821,815) and 2020 ($186,121,900) numbers combined. In 2018, Greater Orlando saw $1.28 billion in hotel investment sales.

EDITOR’S NOTE: This story has been updated to include comments from representatives of the Wyndham Grand Orlando Resort Bonnet Creek Hotel.

Have a tip about Central Florida development? Contact me at arabines@GrowthSpotter.com or (407) 491-3357, or tweet me at @amanda_rabines. Follow GrowthSpotter on Facebook, Twitter and LinkedIn.


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