Sunday, July 9, 2017

HFF closes $31.2 million sale of Sheraton Orlando North Hotel


Sheraton Orlando North Hotel, 600 North Lake Destiny Road, Maitland, FL

Michael Weinberg
ORLANDO, FL –– Holliday Fenoglio Fowler, L.P. (HFF) announced it has closed the $31.2 million sale of the Sheraton Orlando North Hotel, a 389-room, full-service hotel in the Orlando-area community of Maitland, Florida.

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. 


Preston Reid
The hotel features more than 15,000 square feet of meeting space; an outdoor pool with hot tub and resort-style water feature; fitness center; business center; on-site car rental services; Sheraton Club Lounge and several food and beverage outlets, An Tobar Irish pub-style restaurant Grande Café in the atrium lobby, Celestial Lounge and Link @ Sheraton Café. 

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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