Paradise Group Acquires Embassy Suites by Hilton Orlando Downtown for $26 Million
- Mar 10, 2016
Orlando–Holliday Fenoglio Fowler L.P., recently announced that it has closed the sale of Embassy Suites by Hilton Orlando Downtown. The firm represented Norwalk, Conn.-based HEI Hotels & Resorts, which sold the 167-key hotel to Paradise Group for $26 million.
The purchase marks Korea-based Paradise Group’s first acquisition in the United States. Paying just under $155,689 per key, the company bought the asset free and clear of debt and aims to implement a significant property improvement plan to enhance the customer experience and the asset’s ability to compete in the market.
Opened in 2000 and located at the intersection of East Pine Street and Rosalind Avenue, overlooking Lake Eola in downtown Orlando, the full-service, all-suite hotel includes eight executive suites and two presidential suites. The property features 6,850 square feet of indoor meeting space with an additional 3,000 square feet of flexible pre-function space, outdoor pool, fitness center, business center, complimentary evening reception and the full-service Eola Café restaurant. The hotel is within walking distance of restaurants, shopping, nightlife, two SunRail train stops, popular downtown entertainment destinations, including the Amway Center and Dr. Phillips Center for the Performing Arts and only a 25-minute drive from the airport.
The HFF investment sales team was led by Daniel Peek, senior managing director and head of HFF’s hotel group, as well as Michael Weinberg, director, and Preston Reid, associate director.
“It’s exciting to see foreign capital flow into Central Florida and the downtown Orlando submarket. This was Paradise’s first U.S. investment, so it was good to be able to facilitate the transaction with a new entrant into the market,” Weinberg said in prepared remarks.
The hotel will be managed by the BayStar Hotel Group, a privately held company specializing in hotel management, development and consulting, which is known for their work with Hilton, Holiday Inn and Embassy Suites hotels.
Image courtesy of Embassy Suites by Hilton.