HVS Brokerage & Advisory announced the sale of the 113-key Quality Inn & Suites by the Parks in Kissimmee, Fla. The property, built in 1989, was purchased for $10.6 million by Sarasa Hotels, which is based in Chūō-ku, Osaka, Japan, from Orlando-based Rosemont Hotels.
“As our focus shifts to upscale hotels, it made sense to divest this asset, our first U.S. hotel,” said Alex Ekbatani, president of Rosemont Hotels. “The HVS Brokerage & Advisory team did an excellent job marketing the hotel and focusing their efforts on international buyers. Through their industry relationships, a Japanese buyer was secured and closed the transaction in less than two months, despite all the recent challenges with coronavirus. Without their creative thinking, it would have been difficult to get this deal done.”
“Alex and his partners are important clients to the firm, and we are happy to help them with the sale. This was an excellent team effort leveraging three different HVS offices across the U.S. to sell this property. Our national marketing campaign yielded a significant amount of buyer interest, given the high-quality asset and strong location. We had over 100 confidentiality agreements within a few weeks. Despite the financial markets in turmoil due to coronavirus toward the end of the process, we overcame several obstacles to bring it to a positive conclusion,” said Eric Guerrero, managing director of HVS.
The property is located along U.S. Highway 192, a short drive from the area’s top demand generators, including Walt Disney World Resort, Margaritaville and the ESPN Wild World of Sports. The property also is proximate to several golf courses, two waterparks and additional entertainment venues.