Ordevco has owned the property since it was developed in two phases in 1987 and 1991 by Houston-based Intergroup Realty Inc. Intergroup president Tandy O. Lofland, who arranged the sale and negotiated for the seller, identified the buyer only as a US real estate investment fund that represented itself in the transaction.
The property was on the market for 2.5 months and took 75 days to complete, from contract signing to closing, Lofland tells GlobeSt.com. Occupancy at closing was about 75%. The resort is being sold at this time "to redeploy the owner's equity to other opportunities," Lofland says.
The Radisson is surrounded by seven man-made lakes on 21 landscaped acres. The resort has 7,000 sf of meeting space, two large pools, a full-service restaurant, deli, sports lounge and a full complement of recreational amenities, Lofland says. An extensive renovation of the resort was completed in 2001.
The property is located within the Parkway, a 195-acre mixed-use project being developed, marketed and managed by Intergroup for the past 15 years. When completed, the Parkway will contain "several thousand hotel and timeshare units and over 100,000 sf of retail, restaurants and tourist attractions," Lofland tells GlobeSt.com.
The Parkway is located next to the 30,000-sf Disney enclave and across the street from the Disney-created city of Celebration. The Radisson Resort Parkway marks the latest Intergroup project or transaction with Concorde and its affiliates. The two firms have previously done deals at the Four Seasons Buenos Aires, Argentina and Four Seasons Resort Carmelo, Uruguay, Lofland says.
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