Hotelbeds Signs for 20,000 SF at Sand Lake

ORLANDO-Hotelbeds USA, a travel wholesaler catering to the group travel market, signed a 20,000-square foot lease at Phase IV, a 85,500-square-foot building, at the Sand Lake West Business Park in southwest Orlando. The lease, which was signed in the first quarter of 2010, is for 12 years and the tenant is getting one year free.

The reason that the lease is so long, says Anne Deason Spencer, vice president of the Office Services Group at Grubb & Ellis Commercial Florida in Orlando, who represented the tenant, is that HotelBeds USA, wanted to take advantage of the lower lease rates which are available today. In three or four years, the rates will go up, she says.