JV to Invest $24M in Orlando’s Lake Eve Resort
- Oct 12, 2012
According to an official announcement, the Arden Group, Inc. entered into a joint venture with Eightfold Real Estate Capital and Hostmark Hospitality Group to acquire the Lake Eve Resort in Orlando.
The joint venture will be investing a total of $24 million, a price tag that includes upgrades to the guest rooms, lobby, exterior lighting and signage; plans also call for an expansion of the pool area with a new children’s water park.
The 364-bedroom Lake Eve Resort is spread over nine acres set in close proximity to all major theme parks, shopping and great restaurant options. Some of the amenities include full kitchens, a heated pool and hot tub, 24-hour dedicated reception service, a fitness center and complimentary scheduled shuttle service to each of the Walt Disney World, SeaWorld and Universal attractions. The resort features one-, two-, and three-bedroom suites and is known as a family getaway destination.
“It is a great time to invest in an Orlando resort,” said Craig A. Spencer, president and CEO of Arden Group. According to Kiplinger, Orlando will be the fastest-growing job market in Florida, with 15 percent job growth over the next five years. “When you take a strong partnership like we have with Eightfold and Hostmark and apply that expertise to a high quality resort such as Lake Eve, which is located in the country’s top tourist destination, it gives us great confidence that this will be a very good investment for our real estate fund. This investment is consistent with our strategy of sourcing and investing in opportunities for value creation.”
The Arden Group acquires, develops and manages full-service hotels and office properties in major U.S. markets where demand is proven but assets remain undervalued. Arden Group acquired its interest through Arden Real Estate Partners I, L.P., a discretionary real estate fund launched in April 2012. This is the Fund’s second hotel acquisition this year. Since its founding in 1989, Arden Group has purchased or developed more than $1.5 billion of real estate.