Prudential Real Estate Investors of Newark, NJ is HEI's joint venture partner in the deal. Representatives of buyer and seller couldn't be reached at GlobeSt.com's publication deadline to learn the hotel's occupancy and average daily room rate.
But Florida hospitality industry estimators tell GlobeSt.com on condition of anonymity the business traveler-oriented hotel at 350 S. North Lake Blvd., Altamonte Springs, FL is at the 75%-occupancy level.
Orlando construction industry estimators tell GlobeSt.com the hotel's purchase price is below replacement cost, estimated today at a minimum $100,000 per room.
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