The 341-room Sheraton Orlando, near Interstate 4 at Lake Ivanhoe, is also in a better position to compete with newer hotels in the central business district, Margol says. "We're basically reintroducing the property to the market."

Davidson, which manages 34 upscale hotels with more than 9,600 rooms nationwide, will run the Miami and Orlando hotels on behalf of their respective private owners, SF Hotels Inc. and CF Hospitality Inc. Other Florida hotels under the company's management are the Westin Colonnade Coral Gables, the Hilton University of Florida Conference Center in Gainesville and the Sheraton Suites Tampa Airport.

As reported earlier by GlobeSt.com, Davidson is in a joint venture with Square Mile Capital Management LLC in which they bought the 259-room Sheraton Suites hotel this past spring and will put $14 million toward renovations that will get under way after Super Bowl XLIII in February. The JV reportedly paid $24 million for the hotel in Tampa's Westshore business district, though Margol will not confirm the amount, citing confidentiality agreements.

Margol did explain that Davidson's principals hold a minority interest in roughly half the hotels that the company manages across the country. That includes the Westin Colonnade Coral Gables as well as its Tampa hotel, he says.