Orlando Resort Trades for $21M
- Dec 11, 2019
InSite Group has sold CoCo Key Hotel and Water Resort, a 396-key hospitality asset in Orlando, Fla., to a private investor. The buyer paid $21 million, according to public records, financing the acquisition with a five-year, $3.5 million mortgage from Amerant Bank.
Marcus & Millichap assisted the buyer in the transaction. The property last changed hands in 2015 for $15.1 million.
Built in 1970, CoCo Key Hotel and Water Resort has, in addition to its guestrooms, a 54,000-square-foot water park. The hotel’s guest amenities include a swimming pool, a fitness center, a business center and three on-site restaurants.
Located on 9.4 acres at 7400 International Drive, the property is alongside Interstate 4 in one of Orlando’s major hospitality corridors, 3 miles from Universal Orlando Resort. Orange County Convention Center is 2 miles south, and the hotel is 9 miles from the world’s largest Holiday Inn resort, reopened in June following the completion of $27.5 million in renovation work.
Senior Director Ahmed Kabani and Associate Juan Alzate with Marcus & Millichap’s National Hospitality Group represented the buyer.