JV to Sell Buena Vista Inn

ORLANDO-Being located a quarter of a mile from the entrance to Walt Disney World was an obvious plus in the $25.3-million sale of the three-year-old, 210-suite Marriott Residence Inn in Lake Buena Vista, FL.

Dallas-based Ashford Hospitality Trust Inc. has contracted to pay $120,238 per unit for the property which Roger Kennedy Construction Co. of Orlando completed in 2001 at a hard construction cost of $12 million. or $56,872 per unit, according to the general contractor at the time of construction. The sellers are Tarsada Hotels of Orange County, CA and JHM Hotels of Greenville, SC.

Ashford president and CEO Monty J. Bennett says the purchase price equates to a “9.7 x trailing 12-month Ebitda multiple.” He says Ashford plans to invest an additional $250,000 of capital improvements at the property which sits at Palm Parkway and State Road 535, a vibrant commercial and tourism hot spot in south Orange County.