TAMPA, FL, May 26, 2010 – Sun Hospitality Advisors, a division of The Plasencia Group, Inc. (TPG), is pleased to announce the company served as the exclusive advisor in the marketing and sale of the Radisson Hotel Orlando-UCF. (top left photo)
The seller was Moody National; the buyer was SkyLine Hotels, LLC, an Orlando-based owner/operator.
The transaction was completed for a purchase price of $5.5 million. The new owner intends to retain the Radisson brand.
The Radisson transaction marks the fourth hotel sold by TPG in the greater Orlando market in the past six months, signaling the area’s attractiveness to buyers due to its demographics and strong demand drivers. Sun Hospitality has also completed the sale of the Holiday Inn International Drive Resort, Baymont Inn and Suites on Orange Blossom Trail, and the Ramada Inn in Altamonte Springs. Of the four transactions, two involved conventional financing and two involved the assumption of existing CMBS debt.
“The worst is definitely behind us,” suggested Dennis Reed, (middle right photo) TPG’s Senior Vice President for the Southeast Region and a 30-year veteran of the hospitality industry.
“Buyer interest continues to pick up and we are seeing clear signs that financing continues to loosen up. Pricing in the market continues to improve. As a result, we expect transaction volume to continue to ramp up.”
The 150-room Radisson Hotel Orlando-UCF, at 1724 Alafaya Trail in Orlando, is located within two miles of significant demand generators, including Central Florida Research Park, the University of Central Florida, and major corporations Lockheed Martin and Raytheon.
Media Contact: Karen Brand, VP Marketing & Communications, The Plasencia Group, Inc., (203) 202-4549 / kbrand@TPGhotels.com
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