Everwood Hospitality Partners has acquired the 184-room La Quinta I Drive/Convention Center hotel in Orlando from Cavalier Florida for an undisclosed price.
Real estate capital advisory firm Cronheim Hotel Capital helped secure the loan that will be used for the acquisition and subsequent multimillion-dollar hotel renovation. The refurbishment process will include upgrades to public and private spaces throughout the property. The loan represents 65 percent of the all-in cost and holds a five-year term at a favorable interest rate. CHC sourced the financing from a Florida-based bank that provided five-year fixed rate financing with two years of interest only.
“With its proximity to many of Orlando’s top attractions, the La Quinta is an ideal addition to Everwood’s expanding hotel portfolio,” said Amit Patel, managing principal and chief operating officer, Everwood Hospitality Partners. “We continue to seek hotels in prime markets with barriers to new entry and multiple demand generators that help protect against occasional market fluctuations. Following the implementation of our proprietary management and marketing systems, La Quinta I Drive will become the segment leader for leisure and business travelers in Orlando.”
The hotel is next door to Icon Park and 1 mile from the Orange County Convention Center and the city’s amusement parks and entertainment venues. Hotel amenities include and outdoor pool, a business center and 24/7 fitness center.
“This is a great investment for EHP,” said Beau Williams, senior managing director at Cronheim Hotel Capital. “It’s a well-built asset in a highly desirable location within Orlando. Cost basis is well below replacement cost, and the hotel benefits from a flag that will perform considerably well at this location. We were able to procure very attractive debt for the project that allowed EHP to acquire and renovate the property within a favorable timeline.”