The 700-room, $150 million Orlando Resort at ChampionsGate is being built five miles south of Walt Disney World at a hard construction cost of about $215,000 per room, RIDA senior vice president Ira Mitzner tells GlobeSt.com. GMAC Commercial Mortgage Co. is the project's lead lender. Colonial Bank is a participating lender.
The entire 1,400-acre mixed-use venture has a buildout value of about $750 million, Mitzner says. The combined construction value of the hotel and two golf courses is $175 million
"The real strength of this entire project is that it is being built during a recessionary period in which the partners and the lenders have equal confidence in the venture's success," Mitzner tells GlobeSt.com. "That's quite a national statement."
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