Commercial real estate investment services firm Marcus & Millichap announced the sale of the WOW Resort, a 334-room hospitality property located in Orlando. The asset sold for $11.2 million.
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.
“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 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,” adds 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.
This transaction marks the 46th hotel sold by Marcus & Millichap so far in 2015.