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RIDA-Apollo-Omni Break Ground on $150M Hotel

ORLANDO-The joint developers tell GlobeSt.com the 700-room joint venture, five miles south of Walt Disney World, is the largest hotel project begun in the United States since Sept. 11. ChampionsGate is a $750 million-buildout project.

By Alex Finkelstein | Updated on November 19, 2002

ORLANDO-Rida Development Corp. of Houston, Apollo Real Estate Advisors of New York and Omni Hotel Corp. of Dallas broke ground today (Nov. 20) on what they say is the largest hotel started in the United States since the Sept. 11, 2001 terrorist attacks in New York and Washington, DC.

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

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