New York City-based UrbanAmerica LP acquired the 28-acre property at 10100 International Drive in 2006 for $76.7 million in a joint venture with Tampa-based Buena Vista Hospitality Group. WhiteHall Fund, a division of Goldman Sachs, was the previous owner of the hotel, which opened in 1980.
Although UrbanAmerica originally planned to reopen the 17-story asset as a condo-hotel resort, the owner shifted gears in response to economic changes and decided to pursue the DoubleTree flag from McLean, VA-based Hilton Worldwide. It also received certification under the Florida Green Lodging Program for environmentally friendly hotels.
DoubleTree Resort Orlando-International Drive features a range of guest rooms including resort guestrooms, tower rooms and suite, along with 60,000 square feet of event space and various upscale amenities. Boston-based Pyramid Hotel Group LLC manages the hotel, which is convenient to the Orange County Convention Center and Orlando International Airport.
"It's an honor to join the Hilton family of leading full-service hotels as the world's largest DoubleTree property," Richmond McCoy, UrbanAmerica president and CEO, stated in a release. "The resort's prime location and new upscale amenities will provide an ideal retreat for both business travelers and families in one of the country's top tourist destinations."
Discount room rates from $69 to $149 are being promoted through Dec. 22 at the new DoubleTree. The hotel joins thousands of other newly built and reopened rooms set to unlock through next year in Orlando, the nation's second-largest lodging market with approximately 112,000 rooms.
UrbanAmerica, a minority-controlled real estate private equity firm founded in 1998, has raised $521 million in equity within two funds. It claims development of more than five million square feet of commercial buildings valued at $2 billion.
(GlobeSt.com presents a webinar titled "Hotel P&L Scorecard: How to Up Revenues in Down Times," on Wednesday at 12:30 p.m. EST, 9:30 a.m. PST. Click here for more details and to register.)
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