Chicago real estate investor Rob Jarvis paid $6 million last week for the Champions World Resort on Kissimmee's W192 tourism corridor, and is eyeing more assets in the Orlando market.
The resort property sits on 26 acres west of the S.R. 429 Beltway and consists of multiple 1970s-era, two-story exterior corridor hotel buildings totaling 435 rooms.
The property has three pools, including a covered pool with swim-up movie screen, conference space and a full-service restaurant. It also has its own nature park, basketball courts and three multipurpose sports fields to accommodate baseball, football, soccer, lacrosse and beach volleyball.
The resort is about a mile and a half from the new Margaritaville Resort, which is projected to open in 2018 and is driving growth along W192 in Four Corners.
Jennifer Navarro, revenue manager for the hotel, told GrowthSpotter that Jarvis is buying multiple properties in town. He has scheduled a meeting with hotel employees for next week to discuss his vision for the property and transition plans, she said.
Jarvis is president of Shoreline Apartments, Inc. based in the Chicago suburb of Elgin, Illinois. He is in discussions with HotelMax Hospitality to manage Champions World Resort and other hotel properties he hopes to acquire in the market, according to Terry Hatfield, president of HotelMax.
"He has more than 1,000 apartments in Chicago," Hatfield told GrowthSpotter on Wednesday. "He's diversifying his asset portfolio and buying properties here in Florida. He just bought a 400-unit apartment complex in Jacksonville."
Hatfield said Jarvis is "prepared to move" on the Magnuson Grand at 7491 W. Irlo Bronson Memorial Highway, if he can persuade the Mexico-based ownership group to sell.
"I've had three contracts to sell it, but the ownership situation is complicated," Hatfield said.
Jarvis, who bought the resort through an affiliate company, sourced a $6 million balloon mortgage from Viva Investment Group.