Friday, June 8, 2018

Three-Property Hospitality Repositioning and Redevelopment Opportunity Sells in Central Florida for $40.9 Million



Ahmed Kabani

ORLANDO, FL -- Marcus & Millichap (NYSE: MMI), a leading commercial real estate investment services firm with offices throughout the United States and Canada, has announced the sale of a three-property hospitality repositioning and redevelopment opportunity in Orlando, Florida. The three properties sold for a total of $40.9 million.
                  “Collectively, these contiguous assets represent the best hospitality repositioning and redevelopment opportunity in Orlando,” says Ahmed Kabani, first vice president investments in Marcus & Millichap’s Miami office.
 “The assets’ growth potential and location near the Orange County Convention Center attracted many potential buyers, including investors from China and South America.
         "The new owner, however, is a local family with a great deal of experience in the Orlando hospitality marketplace. One of the properties, the Orlando Metropolitan Resort, has already been rebranded as a Clarion hotel.”
                Kabani had the exclusive listing to market the property on behalf of the seller, a private investor, and procured the buyer.
                The properties are all located in Orlando’s International Drive submarket. They are:

  • Orlando Metropolitan Resort, a 297-room hotel and development opportunity located on nearly four acres on Austrian Court
  • A 1.58-acre parcel of buildable land on Austrian Court
  • Allure Resort, a 223-room hotel located on more than five acres on International Drive
  For more information, please contact: 

Scott Lunine
Vice President / Regional Manager, Miami
(786) 522-7000

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