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| Sheraton Orlando North Hotel, 600 North Lake Destiny Road, Maitland, FL |
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| Michael Weinberg |
HFF marketed the property
on behalf of the seller, a partnership between Värde Partners, Interstate
Hotels Corporation and Waramaug Hospitality Asset Management.
Cambridge Landmark purchased the asset free
and clear of debt and unencumbered of management. HFF was involved in a previous financing of
this property in 2015 as part of a $110 million portfolio financing on seven
full-service hotel assets in five states.
Located at 600 North Lake
Destiny Road, the Sheraton Orlando North Hotel is at the intersection of
Interstate 4 and Maitland Boulevard 3.1 miles from Winter Park and 8.3 miles
from downtown Orlando.
The hotel is in the
Maitland submarket proximate to 7.4 million square feet of office space and
situated in the 226-acre Maitland Center Office Park, which is home to more
than 400 businesses, including Worldwide Brands, Fidelity, FedEx and Charles
Schwab.
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| Preston Reid |
The new owners will invest
$4 million to upgrade the rooms and common areas of the property.
The HFF investment sales
team representing the seller was led by senior managing director Michael Weinberg and associate director
Preston Reid.
“Orlando’s low supply
growth over the past seven or eight years combined with unparalleled demand for
room nights, including the 68 million visitors in 2016, have led to strong
financial performance for most assets in our market,” Weinberg said. “Like in this transaction, a number of the
groups we have sold assets to or raised equity capital from over the past few
years in Central Florida have been from oversees sources. I see this trend continuing to grow due to the
global awareness and connectivity of Orlando.”
HFF’s Hotel Team continues
to be extremely active throughout the state of Florida, having closed 52
hotel-related transactions in the last 24 months, including Naples Grande Beach
Resort, Sheraton Sand Key Resort, Sheraton Tampa Riverwalk Hotel, Hilton Key
Largo and, locally in Central Florida, Embassy Suites Downtown Orlando, Hampton
Inn Daytona Beach/Beachfront, Courtyard Lake Buena Vista and Holiday Inn
Orlando SW – Celebration Area.
For a complete copy of the company’s news release,
please contact:
Kristen M. Murphy
Director, Public Relations
HFF | One Post Office
Square, Suite 3500 | Boston, MA 02109
Main: 617-338-0990 |
Direct: 617-848-1572 | Cell: 617-543-4873 | www.hfflp.com
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