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Ex-Ramada Inn Slated for $1M Renovation Near Groveland

ORLANDO-But I.E.Y. Real Estate Investments Inc. of Lauderhill, FL doesn't plan to begin the facelift for a proposed 176-room hotel at State Road 19 and U.S. 27 South until fall 2003 in the commercially hot South Lake market where demand for new hospitality projects is strong, brokers tell GlobeSt.com.

By Alex Finkelstein | Updated on October 18, 2002

ORLANDO-I.E.Y. Real Estate Investments Inc. of Lauderhill, FL plans to begin an estimated $1 million renovation of the former five-acre Ramada Inn-Citrus Club property near Groveland, FL in fall 2003, adding needed hotel rooms to a hospitality starved south Lake County market.

There are only 2,300 hotel rooms in the entire county of 250,000 permanent residents. Groveland is 25 miles west of Downtown Orlando which has 119,000 hotel rooms in nearby Orange County.

The 28-year-old, five-building property, north of Clermont, FL on U.S. 27 and State Road 19, opened as a hotel and nightclub in 1973 and as a timeshare resort in 1983. The venture closed in 1989 after the former owners filed for protection under Chapter 11 of the U.S. Bankruptcy Code.

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