JV Acquires Walt Disney World Royal Plaza Hotel
- Jan 19, 2012
The Royal Plaza Hotel near the Downtown Disney area of Walt Disney World has recently changed owners; the buyer of the 394-room hotel is a joint venture between Weston, Florida-based InSite Group and London-based Cube Capital. The financial terms of the purchase have not been disclosed.
The 394-room Royal Plaza Hotel appeals to family vacationers and business travelers alike, featuring on-site amenities such as heated courtyard swimming pool, poolside bar, fitness center and tennis courts, while also equipped with a full service business center and extensive meeting and events space. As an Official Walt Disney World Hotel, guests receive complimentary transportation to all Disney theme parks, priority seating for Disney dinner shows and theme park restaurants, and preferred tee times at Disney golf courses. The new owners have announced plans for renovating and repositioning the Lake Buena Vista property.
“The location of the hotel within walking distance of the Downtown Disney area, one of Walt Disney World Resort’s most sought-after visitor entertainment destinations, makes it a great opportunity for us,” said Ben Shmul, President and CEO of InSite Group. “It’s a good hotel now. When we have completed the planned renovations, we will transform and reposition the property into one of the area’s most desirable places to stay when visiting Walt Disney World Resort and other attractions in Orlando.”
This is the third joint venture acquisition between InSite Group and Cube Capital. Together, InSite and Cube own the AAA Four Diamond B Ocean Fort Lauderdale and the Continental South Beach which is currently undergoing a renovation and will be rebranded as B South Beach under the B Hotels and Resorts flag.