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| 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.
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| 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
