Saturday, October 13, 2012

HFF closes sale of Westin Imagine Hotel in Orlando, FL




Westin Imagine Hotel
 MIAMI, FL – HFF announced  it has closed the sale of the Westin Imagine Hotel, a 315-room hotel in Orlando, Florida.

                HFF marketed the Westin on behalf of the seller, a bank group using the name REDUS Imagine LLC, who foreclosed on the property earlier this year.  ERGS WI Orlando REO LLC purchased the property and the operator of the hotel, Pyramid Hotel Group, will remain in place.

The Westin Imagine is located adjacent to the Orange County Convention Center at 9501 Universal Boulevard close to Orlando’s world-famous theme parks and numerous shopping destinations.

 Completed in 2008, the hotel features Fiorella’s Cucina Toscana restaurant, more than 7,000 square feet of meeting space, and resort-style pool and fitness amenities.  The transaction also included a condominium-hotel component and approximately 24 acres of land surrounding the hotel.

                The HFF investment sales team representing the seller was led by senior managing director Daniel Peek, directors Max Comess, Michael Weinberg and Paul Hsu, and senior real estate analyst Cyrus Vazifdar.

Max Comess
 “We congratulate both parties on a successful and timely transaction,” commented Peek.  “This was a highly complicated asset with many moving parts; however, both sides and their respective counsels remained focused on the deal and achieved a mutually beneficial outcome”. 

Comess added, “The hotel’s improving performance in a strong, global market, superb physical condition, and attractive investment basis were all attributes that made this opportunity attractive to numerous investors from around the world”.

For legal counsel, the seller was represented by the Orlando office of Lowndes, Drosdick, Doster, Kantor & Reed. The buyer was represented by the Pittsburgh office of Eckert Seamans Cherin & Mellott and the Miami office of Greenberg Traurig.

 Contact:

Kristen M. Murphy
Associate Director
HFF | 9 Greenway Plaza, Suite 700 | Houston, TX 77046
tel 713.852.3500 | cel 617.543.4873 | fax 713.527.8725 | www.hfflp.com

No comments:

Post a Comment