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| 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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