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."
Through his HotelMax Hospitality network, Hatfield has been heavily involved in the sale, renovation and management of multiple hotel assets on the W192 corridor, including the Magic Moments Resort & Kids Club, Red Lion Maingate and the former 200-room Continental Hotel Plaza, which sold to Vietnamese investors in April and reopened Friday as a Quality Inn & Suites.