RivieraPoint Tops Off Orlando Hotel
- Dec 10, 2018
RivieraPoint Invest + Develop has topped off La Quinta Del Sol, a 101-key hotel in Orlando, Fla. The property is part of a dual-branded project, which also includes a 98-key Tryp by Whyndham Seaworld currently underway. The total cost of the development is estimated at $39 million. Apollo Bank has provided a $15.5 million construction loan.
Located on approximately 3.3 acres, on International Drive near SeaWorld, the 53,094-square-foot La Quinta Del Sol property is scheduled to open in the second quarter of 2019, while the 53,647-square-foot TRYP by Whyndham Seaworld is set to be completed in 2020.
Plans for the four-story development also call for common-area amenities such as a fitness center, a swimming pool and a restaurant. In addition to the construction loan, RivieraPoint has $6 million in private equity and is raising $12 million in EB-5 funds.
“Our hotels will help accommodate the growing number of families coming to Orlando year after year. It is projected that 100 million tourists will visit Orlando by 2020,” RivieraPoint Invest + Develop President & CEO Rodrigo Azpurua, said in a prepared statement. “The demand for hotels with moderate room rates is enormous. We are glad to be able to help meet that demand, create jobs and inject millions of dollars in local and foreign capital into the Orlando economy.”
Image courtesy of RivieraPoint Invest + Develop