Skorman Development and Construction paid more than $6.17 million on Thursday for 11 acres on Westwood Boulevard in Orlando's tourism corridor, and then flipped 4.46 acres for $5.5 million to a Miami-based operator to develop a 259-key Tru by Hilton.
Skorman paid just over $5.5 million for 10 acres across two parcels from Orlando Westwood Loan Associates LLC, an affiliate of BNP Paribas Bank, which previously acquired the land in 2013 for $100,100 following unpaid loans by previous owner Sham Majaraj.
It also closed Thursday for $675,000 on an adjacent 1-acre parcel fronting Westwood Boulevard owned by Winter Park-based Magnolia Advisors, a deed yet to be recorded.
Proposed for 6461 Westwood Blvd., south of the Orange County Convention Center's west concourse, Miami-based Epelboim Development Group and Skorman's civil engineers have been working a hotel Development Plan through Orange County's review process since mid-February.
That DP was approved on consent agenda by the Development Review Committee on July 26.
Skorman recouped nearly its entire land expense with the 4.46-acre flip to an Epelboim affiliate on Thursday, and will retain about 6.54 acres for its own future development, potentially for another hotel.
Hooman Hamzehloui, founder of Masters Realty, has represented Skorman in negotiations for the parcels.
"(Skorman's) plan is to develop that 6.54 acres, I believe they already have some hotel flags interested," he told GrowthSpotter. "We've been working on developing that site for what seems like a year and a half. The progress we've made with (decision makers) in the hotel industry has been invaluable. We've got some strong candidates now."
Directly east of those properties is a 5-acre parcel on the hard corner of W. Entrance Drive and Westwood Boulevard, owned by Winter Park-based Avanti Properties Group. Activity on that land hasn't changed since February, and remains for sale via Hunter Hotel Advisors.
And directly west of Skorman's new property is a 20-acre site bought in late November 2016 by developer DCS Real Estate Holdings, a sale also coordinated by Masters Realty.
DCS was pursuing plans for a convention-level hotel tower with 1,000 to 1,200 keys on that site, but has put that project on hold to prioritize development of a 16-story JW Marriott in Bonnet Creek Resort.