Westin Imagine Follows in Streak of Recent Orlando Hospitality Transactions
- Oct 22, 2012
The last few weeks stand as clear proof of the increasing appeal of Central Florida hotels; following the sale of two luxury Bohemian hotels and that of the Lake Eve Resort last week, Westin Imagine Hotel was next in line to trade owners.
The 315-room Westin Imagine Hotel was purchased by ERGS WI Orlando REO LLC for the reported amount of $34.5 million or roughly $109,523 per room. Holliday Fenoglio Fowler marketed the Westin on behalf of the seller, a bank group using the name REDUS Imagine LLC, which foreclosed on the property earlier this year.
The Westin Imagine is located adjacent to the Orange County Convention Center at 9501 Universal Boulevard, close to Orlando’s world-famous theme parks and numerous shopping destinations. Completed in 2008, the hotel features Fiorella’s Cucina Toscana restaurant, more than 7,000 square feet of meeting space, and resort-style pool and fitness amenities. The transaction also included a condominium-hotel component and approximately 24 acres of land surrounding the hotel.
The HFF investment sales team representing the seller was led by senior managing director Daniel Peek, directors Max Comess, Michael Weinberg and Paul Hsu, and senior real estate analyst Cyrus Vazifdar.
“We congratulate both parties on a successful and timely transaction,” commented Peek. “This was a highly complicated asset with many moving parts; however, both sides and their respective counsels remained focused on the deal and achieved a mutually beneficial outcome.” Comess added, “The hotel’s improving performance in a strong, global market, superb physical condition, and attractive investment basis were all attributes that made this opportunity attractive to numerous investors from around the world.”
For legal counsel, the seller was represented by the Orlando office of Lowndes, Drosdick, Doster, Kantor & Reed. The buyer was represented by the Pittsburgh office of Eckert Seamans Cherin & Mellott and the Miami office of Greenberg Traurig.
Image via www.westin.com/Orlando