A Sanford-area investor with management history in assisted living paid $15.5 million on Wednesday for the Hampton Inn & Suites Orlando/East near UCF.
Located at 3450 Quadrangle Blvd., the 110-key Hampton Inn lies less than a half mile west of the main entrance to the University of Central Florida. The purchase breaks down to roughly $140,909 per key.
Eugene R. Curcio of Sanford bought the property through an affiliate of his investment vehicle, Pelta Investments LLC. Cursio's previous business management experience has been in senior and assisted living properties across Central Florida.
The buyer sourced a $10 million mortgage from Deutsche Bank AG in New York to finance the acquisition.
The seller was SI Orlando, LP, affiliate of Peachtree Hotel Group out of Atlanta. The company previously paid $7.5 million in August 2014 for the hotel.
Curcio and executives with Peachtree did not respond to requests for comment on Friday.
Peachtree has 35 hotels in the Southeastern United States, with one remaining in Greater Orlando, a Hampton Inn & Suites in Lake Mary.
The asset sale by Peachtree follows the company's announcement in September that it was joint venturing with Puerto Rico-based The PRISA Group to develop three select-service hotels in Florida, which include the dual-brand SpringHill Suites and Residence Inn by Marriott at Orlando's Mall at Millenia (254 keys overall), on which construction started last month.