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| WOW Resort, 6101 Sand Lake Road, South Orlando, FL |
ORLANDO, FL, May 4, 2015 – Marcus & Millichap (NYSE:
MMI), a leading commercial real estate investment services firm with offices
throughout the United States and Canada, today announced the sale of the WOW Resort, a 334-room hospitality
property located in Orlando, Fla.
The asset sold for $11,200,000.
Ahmed Kabani, a
senior associate and associate director of Marcus & Millichap’s National
Hospitality Group in Miami, and J.
Dominic Vito, an associate in Washington, D.C., represented the seller, a
Boston-based investment fund. Kabani and Vito also procured the buyer, a
private investor from the Arabian Peninsula. The transaction closed within one
week of the signing of the purchase agreement, and the buyer paid all cash.
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| Ahmed Kabani |
“The property is located within the International Drive area
of Orlando, which is in the midst of a billion-dollar development boom that
includes the new $200 million entertainment destination I-Drive 360, and the
I-Drive NASCAR Indoor Kart Racing complex,” says Kabani.
“Already in an area
close to popular tourist destinations, assets in the vicinity of International
Drive are seeing increased interest from investors and an influx of foreign
capital.”
“The size of the property and the strength of the market
give the new owner many renovation options,” adds Vito, “all of which will be
considered.”
“The fact that foreign investment capital won this
opportunity further underscores the attractiveness of our industry as an
investment vehicle and Marcus & Millichap’s ability to reach foreign capital,”
concludes Gregory A. LaBerge,
national director of the firm’s National Hospitality Group.
Located at 6101 Sand
Lake Road in Orlando, the property is one mile from the Wet ‘n Wild Orlando
water park, three miles from the Universal Studios Florida theme park, and 10
miles from the Walt Disney World Resort entertainment complex. The 334-room
exterior corridor hotel has a seasonally heated outdoor pool, a picnic area and
a gym/fitness center.
This transaction marks the 46th hotel sold by Marcus &
Millichap so far in 2015. The firm has an industry-leading hospitality team in
more than 40 markets nationally.
For a complete copy
of the company’s news release, please contact:
Gina Relva
Public Relations Manager
(925) 953-1716
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