Rosemont Hotels Inc. paid $1.78 million on May 25 for a 2-acre hotel pad minutes from Walt Disney World property.
The parcel on Sherberth Road in Kissimmee's W192 tourism corridor was part of an 8-acre commercial project by Elevation Development dubbed Parkview Retail Center.
GrowthSpotter reported in February that Elevation was negotiating with Rosemont for the hotel pad, which is entitled for a four-story, 120-room hotel.
Rosemont owns the Quality Inn & Suites By the Parks, which is practically across the street at 2945 Entry Point Blvd. The company bought that hotel in 2014 for $4 million and embarked on an extensive renovation of the property.
A Rosemont executive told GrowthSpotter on Wednesday the company is still negotiating with hotel branding partners and hopes to be able to announced a flag later this summer.
Construction is already underway at Parkview, which involves realigning the intersection and relocating a drainage pond to the north end of the property. The shopping center will be anchored by a 13,000-square-foot CVS store on the corner parcel -- that site will be ready for vertical construction by September, according to Elevation principal Owais Khanani.
Elevation said in February it had signed a land lease with Sun Holdings Inc. for a two-story Popeye's Louisiana Kitchen QSR. The developer has a building permit pending with Osceola County for that restaurant.
The company has just signed a deal with Arby's for a corporate-owned store at Parkview, Khanani said on Wednesday. "We're going to do a build-to-suit for them," he said. "It's one story, but it's going to be a large store."
Elevation is still in negotiations for a fast-casual restaurant site and a full-service restaurant, he added.