ATLANTA—Hunter Hotel Advisors (HUNTER) announced the sale of four Florida hotels to an institutional investor. Senior Vice Presidents of HUNTER Tim Osborne and Trey Scott advised the seller on the deal. Aimbridge Hospitality will manage the properties on behalf of the new owners.
The Homewood Suites Orlando Lake Mary, Homewood Suites West Palm Beach, SpringHill Suites West Palm Beach, and Residence Inn Orlando Lake Mary sold for an undisclosed amount. The assets account for 475 rooms across two of Florida’s growing regions.
“The extended-stay segment has proven its resilience. This transaction was an opportunity to acquire all-suite properties at scale and was well-received by the market,” according to Osborne.
“Leisure demand in Florida has broken records in the state, but now we also have strong corporate relocations,” said Scott, based in Jacksonville.
Propelled by rising demand for tourism and corporate relocations, West Palm Beach is experiencing growth. Apart from 2020, tourism in the Palm Beaches has grown for the previous 12 years and has an economic impact of more than $7 billion. Meanwhile, Goldman Sachs and Gulfstream are reallocating California and New York resources to Palm Beach County. With their respective locations near demand generators like the Palm Beach Outlets and Palm Beach International Airport, together, the Homewood Suites West Palm Beach and SpringHill Suites West Palm Beach are positioned to capitalize on this growing region.
Just outside of Orlando, Lake Mary is one of the growing areas in Central Florida. Located less than 10 miles from Orlando International Airport, the Homewood Suites Orlando Lake Mary and Residence Inn Orlando Lake Mary are situated for tourists visiting EPCOT, Magic Kingdom Park, and SeaWorld. Together, these attractions hosted more than 56 million visitors in 2019. These properties also serve the many corporate offices in Lake Mary, including Deloitte, Verizon Wireless, AT&T Mobility, and Wells Fargo Home Mortgage.