Today the hotel enjoys a 99-percent occupancy rate year round, Radonich told GrowthSpotter. Hotels in the West Kissimmee submarket have an average occupancy of just under 70 percent, according to STR, a data and analytics specialist.
Last week Radonich and Tomat paid $8.5 million, through an affiliate, for the 222-room, interior corridor hotel hotel just west of the Vineland Road/ S.R. 535 intersection. The hotel sits on nearly 10 acres. Built in 1984, it consists of three separate buildings comprising 35,000 square feet.
California hotelier Hari Johl had owned the hotel since October 2017. He secured the Ascend franchise and renovated the first 50 rooms to bring them up to brand standards.
"We're extremely excited," Radonich said on Monday. "We have big plans for this piece of real estate. They have only 50 units working right now, so we'll be working very hard to open the next 100 units in another two or three months."
They also plan to renovate the lobby, reopen the restaurant that overlooks Lake Cecile, and upgrade the landscaping and amenities.
The new owners are working with their design team on renderings and materials. They will be looking to hire a landscape architect to enhance the exterior of the property, with an emphasis on the lakefront. They also want to install a gate to improve the security of the property.
The shape of the building is reminiscent of a cruise ship, and they want to embrace it by creating a cruise-like atmosphere.