"It's our first Florida hotel and our first Florida condo hotel," Gary Hofstetter, the property's asset manager for Boston Properties, tells GlobeSt.com. Hofstetter says the company acquired the 12490 Apopka Vineland Rd. hotel in Orlando in July for an undisclosed sum and decided to team up with the hospitality group because of their 30-year expertise. Buena Vista Hospitality Group is an international resort and golf club development and management company that has handled a number of upscale projects in Florida, including the Buena Vista Palace Resort & Spa in Walt Disney World Village and the PGA National Resort & Spa in Palm Beach Gardens.
The new condo/hotel, which will be known as the Vista Club, will be re-designed by Miami-based Urbanica Group to give it "a hip, contemporary" feel, Hofstetter says.
"It's a fun, fun project," he notes, adding that the revamped Vista Club will feature 246 units ranging from 330 sf to 567 sf and amenities such as a restaurant and lobby bar, open-air lounge, fitness center. The units will vary in price from $165,000 to $235,000.
Hofstetter says it is not the first time New Boston Fund has invested in Florida real estate. In fact the Boston-based fund began its investments with a Florida acquisition, he says. The company also has developed condos in Boynton Beach, Daytona, Miami and Tampa and owns a residential project in the Tampa area.
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