The closed 442-room Magnuson Grand on Kissimmee's W192 tourist corridor could be under new ownership in a few weeks.
Terry Hatfield, president of HotelMax Inc., listed the property in July for $10 million. He told GrowthSpotter on Friday it's now under contract, with a closing scheduled for mid-October.
The owners are a group out of Mexico, and offered a $50,000 buyer's broker bonus to generate a quick sale. But Hatfield said the location -- it's the second-closest hotel to Disney property -- and the fact that it's an interior-loaded property played a bigger role.
On top of that, it's built like a tank.
"It's concrete and steel - it's a good structure," he said.
The 4-story hotel at 7491 W Irlo Bronson Memorial Hwy was built in 1984 by Holiday Inn founder Kemmons Wilson as one of his signature "Wilson World" hotels. The guest rooms surround an 8,000-square-foot atrium with an indoor pool. The 8.2-acre property also has an outdoor pool and full-service restaurant.
Hatfield said the buyer is a local tour company branching into the hotel business. If for some reason the sale doesn't close, he has multiple backup offers.
"We've had about 25 offers - we have several LOIs on the table," he said. "I've met with people from Saudi (Arabia), Dubai, Oman, Canada and Brazil."