HREC Investment Advisors arranged the sale of the 242-room DoubleTree by Hilton Hotel Orlando East-UCF Area located in Orlando, Fla., in a $26-million transaction. The buyer was an affiliate of N.Y.-based Navika Capital.
Paul Sexton, VP in HREC Investment Advisors’ Orlando office, and Scott Stephens, COO & senior principal, exclusively represented the seller – the overall receiver for the overall receivership estate in the matter of the First Farmers Financial Litigation – during the transaction.
This was the fifth and last hotel brokered by HREC on behalf of the overall receiver relative to the “Alena Hospitality Portfolio.” Through the sale of the five hotels, HREC was able to generate $82,375,000 in gross proceeds for the Overall Receivership Estate. The five full-service hotels were located in the Orlando area; Saddle Brook, N.J.; and Peoria, Ill.
The DoubleTree by Hilton is located within the University of Central Florida trade area which, in turn, is part of the Orlando Central submarket, one of seven Orlando-area submarkets. Situated outside of Orlando’s tourism corridors, major demand generators in the area include the University of Central Florida, Central Florida Research Park (which is the largest research park in the state) and corporate demand generators such as Siemens and Lockheed Martin.