Hollywood, Fla.-based hotel investment group AD1 Global has bought the Best Western International Drive for an estimated $10.8 million, plans extensive renovations and is seeking a general contractor, the company's vice president of acquisitions told GrowthSpotter.
Located at 8222 Jamaican Ct., the hotel lies on the corner with International Drive just 500 yards south of the I-Drive intersection with Sand Lake Road. The site was previously owned by Sun Vista Hotels LLC, which bought it in August 2009 for $3.6 million.
"All the new projects in development make that area very attractive," she said. "We know the Orlando tourism market is only going to keep growing at the same pace it has shown."
AD1 plans to maintain the Best Western flag for the property and has its own management company taking over operations. Levy couldn't estimate how much the company is investing in renovations, but said AD1 is pursuing contractor candidates to carry out significant updates.
Built in 1985 and now with 121 rooms, the Best Western International Drive's estimated sale price of $10.8 million (or $89,256 per key) is based on deed taxes paid to the county. The sale price could be higher, because it doesn't include the value of furniture and other assets within the hotel. AD1 declined to confirm the acquisition price.
Along with an expected sale of the CoCo Key Water Resort on North I-Drive, the Best Western sale is just the latest in a growing number of sales this year of older, mid-level hotel properties in the I-Drive corridor.