KISSIMMEE, Fla. — Marcus & Millichap, a commercial real estate investment services firm with offices throughout the United States and Canada, has announced the sale of the 516-room Red Lion Hotel Orlando-Kissimmee Maingate. The asset sold for $17.7 million to a limited liability company represented by Ahmed Kabani, the firm’s first vice president and senior director.
Red Lion Hotel Orlando-Kissimmee Maingate is located at 7300 W Irlo Bronson Memorial Hwy in Kissimmee, Fla. “This property has tremendous upside because of its size and location,” said Ahmed Kabani. “The buyer has a vision and has worked hard to go through the process of converting the asset to workforce housing and an operating hotel. The buyer is an established company that owns many properties throughout the Kissimmee and Orlando area.”
Built in 1974, The Red Lion Hotel sits on a large lot located in a prime location near the main entrance to Walt Disney World. The property was sold on a per-key basis. The hotel is a two-story, exterior corridor design on a well-manicured site with three pools, a spa, two fitness centers, conference space, a children’s playground, a volleyball court, and more. Additionally, the property recently opened a new Pizza Hut Express and retail space.