Downtown Orlando Embassy Suites Has Been SOLD
Some prime real estate in the Downtown Lake Eola area has recently been sold. The 167 room Embassy Suites Hotel located on 191 E. Pine Street has been sold to Paradise America for $26M. The company address traces it to Clearwater but per the sales paperwork the buyer is listed as a foreign entity. This is the first U.S. Investment for the company. The land, where the hotel was built in 2000, sold in July 1999 by Highwoods Properties Co. for $1.6 million. The building is valued at $13.4 million and the estimated cost of building a similar structure today would cost about $17 million. So what do the new owners have in mind for their new property investment?
New Hotel Concept Coming To Downtown Orlando
Located in the heart of Downtown Orlando, Paradise bought the property free of debt and plans to upgrade the current hotel in order to compete with the current market. BayStar Hotel Group known for their work with Hilton, Holiday Inn and Embassy Suites hotels will be managing the property. With 6,850 square feet of indoor meeting space and an additional 3,000 square feet of flexible pre-function space, fitness center, business center, complimentary evening reception, outdoor pool and the full-service Eola Café restaurant the old Embassy Suites location has a great deal of previous potential that if branded properly could provide Downtown Orlando with another high end hotel concept #WorthDoing. Hotel sales in Orlando have been heating up as the region is growing in visitation reaching 62 million visitors in 2014. Values for properties will increase as more investors are looking for a way to break into the Central Florida market.