StaySky CEO pays $13.3M for majority of units at condo-hotel in SW Orange

GrowthSpotter

A lead executive with Orlando-based StaySky Hotels & Resorts paid $13.3 million earlier this week for an 83-unit majority stake in the Palisades Resort condominium-hotel, a property that's now closed with no prospective timeline for reopening. 

Located at 14200 Avalon Road near the Four Corners area in southwest Orange County, the property lies 11.4 miles from Walt Disney World’s Magic Kingdom.

JGJC ORL Acquisitions LLC, an investment affiliate of StaySky's president and CEO John Gordon, purchased the condominiums, according to a deed signed on Monday.

The seller was ABG13 LLC, an affiliate of Florida Statewide Realty of Vero Beach.

Officials with StaySky's marketing office acknowledged the Palisades Resort purchase this week for GrowthSpotter as a new addition to the company, but did not provide further comment.

The property has no website, and new reservations have been cut off from all third-party booking agents. StaySky's own reservations team didn't have the Palisades Resort available in its own booking software as of Thursday.

No new county permit filings have been made for renovation work on the property in the past year. 

The buyer secured a mortgage on the property for $6.81 million directly from the seller. 

The four-story condominium resort has 101 units, according to the Orange County Property Appraiser. StaySky's Gordon purchased 83 of those units, which include a commercial unit and common area with pool and spa.

The condo complex was built in 2008 and features two- and three-bedroom apartments. 

In addition to Palisades Resort, StaySky Hotels & Resorts has ownership and/or management stakes in five Orlando-area condo hotels, with Palisades Resort now making six.

Services provided by StaySky at its properties include human resource management, accounting, marketing, purchasing, centralized reservations and information technology. The company’s goal, according to its website, is to increase occupancy levels, with strong emphasis on maximizing the average daily rate for all its properties.

Have a tip about Central Florida development? Contact me at bmoser@growthspotter.com, (407) 420-5685 or @bobmoser333. Follow GrowthSpotter on Facebook, Twitter and LinkedIn.

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