HREC Investment Advisors arranged the sale of the 652-guestroom International Palms Resort & Conference Center located within the International Drive submarket in Orlando. The buyer was a subsidiary of Brazil-based Brasif Ltda. Brasif also owns the Avanti Resort Orlando, and is in the process of developing the Uniq Hotel (the International Drive submarket’s first couples-oriented boutique hotel).
Paul Sexton, VP in HREC Investment Advisors’ Orlando office, exclusively represented the seller during the transaction. The seller was a Texas-based investment fund.
“The sale of the International Palms is just another example of investors voting with their dollars in favor of the International Drive submarket,” said Sexton. “In light of the terrific job that Brasif did with the 670-room Avanti Resort (a former Econo Lodge), we are confident that they will be incredible stewards of the International Palms and, as such, contribute meaningfully to the overall growth in the market.”
The property is located in the International Drive submarket, which is also home to Universal Orlando Resort, SeaWorld Orlando, the Orlando International Premium Outlets and the Orange County Convention Center (all accessible from the hotel by the I-Ride Trolley). The hotel is also within walking distance of all of International Drive's amenities, such as the new Mango's Tropical Cafe, Wet 'n Wild, IShops, I-Drive 360, Dave & Busters, B.B. King's Blues Club, Ripley's Believe It or Not, WonderWorks, Orlando Improve Comedy Club and the Pirate's Cove Adventure Golf, as well as the upcoming SkyPlex development.