ORLANDO-The doughty, 15-story, 393-room Hotel Royal Plaza, located on a prime tract at Walt Disney World and a survivor among this city's legion of lodging properties, has a new owner today for the fifth time in its 29-year existence.
Fine Hotels Corp. of Wellesley, MA paid Prudential Real Estate Investors and Heller Financial $47 million or $119,593 per room for the Lake Buena Vista, FL asset. Pru and Heller took the property back from the previous owner and have been trying to sell the hotel since 1999. Granite Partners of New York brokered the transaction.
Fine Hotels plans to continue renovating and updating the property, according to its prepared statement. The 11-year-old, 3,000-employee company owns 14 hotels in the Northeast and Southeast. The Royal Plaza is the firm's first Florida acquisition.
Hotel Royal Plaza made headlines in 1998 after Orlando time share developer David A. Siegel sold the hotel for $43.5 million ($110,687 per room) as part of a $200 million divorce settlement with Bette I. Whitaker, his former wife. Siegel bought the Royal Plaza for $12 million ($30,534 per room) in 1992.
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