GF Management Affiliate Adds Orlando Hotel to its Portfolio
- Jan 29, 2014
ESLBV Property Owner L.L.C., an affiliate of GF Management, has acquired the 334-room Embassy Suites Orlando-Lake Buena Vista and is planning a $13 million renovation to take place over the next year.
HREC Investment Advisors brokered the transaction.
Located at 8100 Lake St. in Orlando, the hotel will maintain its affiliation with the Embassy Suites brand. The acquisition marks the second Hilton-branded acquisition this year for GF Management.
“We knew immediately that the Embassy Suites Orlando-Lake Buena Vista would be a defining acquisition for the company,” Jeffrey Kolessar, GF Management’s senior vice president of development, said in a company release. “Undertaking such a significant transaction with only internal resources shows how far this privately owned company has come and what type of acquisitions we are setting our sights on.”
An owner and operator for more than two decades, GF has homed in on an acquisition strategy to one of discipline, identifying assets of value to expand the company’s owned portfolio. According to Kolessar, GF Management will continue its focus on growth by identifying ownership opportunities that fit into its investment criteria.
GF now owns or manages 19 hotels under the Hilton Worldwide family of brands, including three Embassy Suites. In total, the company has 15 hospitality assets under ownership by its principals and affiliates, with nine hotels under management in Florida. Its current owned and managed portfolio consists of 132 hospitality assets in 34 states, comprising over 20,025 rooms.
“The sale of the Embassy Suites Orlando-Lake Buena Vista represents yet another high-profile hotel transaction in Central Florida,” said Scott Stephens, HREC’s COO & senior principal. “Through their actions on this transaction, GF demonstrated commitment to a deal that they truly believed in and followed through on those commitments. They are dedicated professionals that will enjoy success in the Orlando market.”
The hotel is less than one mile from Walt Disney World Resort, with complimentary shuttle service there. It is also minutes from Sea World Orlando and Universal Studios Orlando. Each two-room suite contains a refrigerator, microwave, sofa bed and other modern in-room amenities.
It features complimentary cooked-to-order breakfast each morning and a nightly complimentary evening reception, and boasts tennis courts, indoor/outdoor pools, sand volleyball and a fitness center. It also has an event space large enough for as many as 230 guests.
“We are excited for GF to move forward with the impactful renovation they have planned for the property,” said Alan Roberts, Embassy Suites Hotels’ vice president of brand performance support. “GF is a valued owner and operator of several Hilton Worldwide-branded properties, and we are confident in the quality level of service and overall guest experience they will produce in Lake Buena Vista.”