Marcus & Millichap, a commercial real estate investment services firm with offices throughout the United States and Canada, sold a three-property hospitality repositioning and redevelopment opportunity in Orlando. The three properties sold for a total of $40.9 million.
“Collectively, these contiguous assets represent the best hospitality repositioning and redevelopment opportunity in Orlando,” Ahmed Kabani, first VP investments in Marcus & Millichap’s Miami office, said in a statement. “The assets’ growth potential and location near the Orange County Convention Center attracted many potential buyers, including investors from China and South America. The new owner, however, is a local family with a great deal of experience in the Orlando hospitality marketplace. One of the properties, the Orlando Metropolitan Resort, has already been rebranded as a Clarion hotel.”
Kabani had the exclusive listing to market the property on behalf of the seller, a private investor, and procured the buyer.
The properties are all located in Orlando’s International Drive submarket. They are:
- Orlando Metropolitan Resort, a 297-room hotel and development opportunity located on nearly four acres on Austrian Court;
- A 1.58-acre parcel of land on Austrian Court; and
- Allure Resort, a 223-room hotel located on more than five acres on International Drive
With more than 1,800 investment sales and financing professionals located throughout the United States and Canada, Marcus & Millichap is a specialist in commercial real estate investment sales, financing, research and advisory services. Founded in 1971, the firm closed nearly 9,000 transactions in 2017 with a value of approximately $42.2 billion.