The seller was WhiteHall Fund, a division of New York-based Goldman Sachs. The seller of record was the mutual fund's W9/RSO Real Estate Limited Partnership based in Dallas.

Representatives for Mike Frost, CEO of Buena Vista Hospitality Group and Richmond McCoy, president and CEO of UrbanAmerica declined to disclose the contract price. However, area hospitality industry sources tell GlobeSt.com their closing price range estimate, based on comparable area property sales in the last three years, would be in the $40,000 to $60,000 per-room range.

The property sale wasn't recorded at the Orange County Property Appraiser's office as of Sept. 29. However, county real estate records show the property has a 2006 taxable value of $43.7 million, up from $38.4 million in 2005. Records show the resort was last traded on Feb. 12, 1998 for $9.9 million; on May 14, 1987 for $5.25 million; and just before it opened, for $2.53 million on Sept. 1, 1979. The resort was developed in stages from 1980 through 2000. The property's 28.6 acres alone are valued at $14.6 million for tax purposes.

In a prepared statement, McCoy says the transaction is his company's first in the condo-hospitality marketplace. He says UrbanAmerica's existing portfolio in Florida is valued at $150 million covering about 1.5 million sf of real estate in nine cities. The entire International Plaza Resort buildings' space covers about 619,277 sf, according to a June 2005 $53-million refinancing provided by GMAC Commercial Mortgage Corp.

At that time, the hotel was undergoing a $36-million renovation that included the addition of a 305-room tower and 7,949 sf of meeting space, according to a news release issued at that time by GMAC. The hotel's total meeting space is about 75,000 sf. The resort at 10100 International Dr. is comprised of a 17-story tower and 19 two-story and three-story buildings.

By converting to a hotel condo, International Plaza Resort joins at least seven other comparable conversions under way or being completed in the Orlando Convention Center corridor, according to previously reported GlobeSt.com articles.