HREC Investment Advisors announced the recent sale of the Mona Lisa Suites Hotel located in Celebration, Fla.
HREC Investment Advisors was the exclusive representative of the seller, which took ownership of the property in 2010. The sale the complex transaction was negotiated by Paul Sexton, vice president in HREC Investment Advisors' Orlando office and Scott Stephens, an HREC Principal and head of the firm's Southeast practice.
The Mona Lisa Suite Hotel is a 240-unit luxury condo-hotel that features a free-form swimming pool with a "private" island, a full-service restaurant and a separate bistro and bar. The guestrooms are comprised of one and two bedroom side-by-side suites and contain full kitchens. The hotel is located just minutes from Disney World and has downtown Celebration virtually at its doorstep.
"The buyer was an international hotel company looking for a flagship property in the United States. Given the iconic architectural presence of the Mona Lisa, the high-profile location of the hotel within the most popular international vacation destination in the country and the fact that the Greater Orlando market has seen an 13.4 percent in RevPAR over the last 12 months, we feel this is a tremendous long-term opportunity for the buyer that happened at the right time," said Scott Stephens.
The transaction was complicated by the fact that 70 of the units has been sold to individual owners by the original developer. Likewise, there was a requirement to preserve the integrity of the condominium association and a need to satisfy the goals and expectations of each of the 32 participants in the ownership entity.
Added Sexton, "In light of our extensive experience across many market cycles with shared-ownership assets, we are fortunate to have the expertise to assist our clients with highly complex transactions such as the Mona Lisa Suite Hotel."