ORLANDO, Fla.–Marcus & Millichap, a commercial real estate investment services firm, has announced the sale of a three-property hospitality repositioning and redevelopment opportunity in Orlando, Florida. The three properties, located in Orlando’s International Drive submarket, sold for a total of $40.9 million.
The properties 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 buildable land on Austrian Court; and Allure Resort, a 223-room hotel located on more than five acres on International Drive.
“Collectively, these contiguous assets represent the best hospitality repositioning and redevelopment opportunity in Orlando,” says Ahmed Kabani, first vice president investments in Marcus & Millichap’s Miami office.
“The growth potential of the assets and their 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 continues.
Kabani had the exclusive listing to market the property on behalf of the seller, a private investor, and procured the buyer.