Inland Snags Two Luxury Bohemian Hotels in Orlando
- Oct 09, 2012
By Georgiana Mihaila, Associate Editor
Inland American Lodging Group, Inc.—a wholly owned subsidiary of Inland American Real Estate Trust—recently announced purchase agreements with acclaimed hotelier and developer Richard Kessler to acquire two Orlando-area luxury hotels, and one in Savannah, Ga.
This mutually beneficial collaboration includes the purchase of Grand Bohemian Hotel in Orlando, Fla., Bohemian Hotel Savannah Riverfront in Savannah, Ga., and Bohemian Hotel Celebration in Celebration, Fla. All three properties represent a market share of 150 percent or more within their competitive sets and are founding hotels of Marriott’s Autograph Collection, a collection of high quality boutique hotels selected for their rich character and unique details.
Inland American closed on the acquisition of Bohemian Hotel Savannah Riverfront on August 9. This acquisition was partially financed with a new $27.5 million first mortgage loan provided by Bank of America. The closing on Grand Bohemian Hotel Orlando is expected to occur by December 2012. The acquisition of Bohemian Hotel Celebration is expected to be completed in January 2013.
“This transaction gave us the opportunity to add three high-quality, market-leading luxury hotels in excellent condition to Inland American. The acquisition of these assets further exemplifies our strategy of continued improvement of our portfolio while adding hotels that give us superior yields,” said Marcel Verbaas, president and CEO, Inland American Lodging Advisor, Inc.
The AAA Four Diamond Grand Bohemian Hotel Orlando opened in 2001; located in close proximity to downtown’s cultural gems and Orlando’s theme parks, the luxury hotel offers 247 guest rooms featuring pillow-top beds and suites with Jacuzzi baths, as well as a relaxing heated outdoor pool and in-room massage treatments and approximately 10,000 square feet of meeting space. The second Orlando-area hotel is the 115-room Bohemian Hotel Celebration, characterized by a fine design and captivating lakeside views.
Hodges Ward Elliott advised the seller on the transaction. The properties will continue to be managed by Kessler Collection Management under a 10-year management agreement.
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