In this particular instance, the principals at Winston Harton Holdings had the direct relationship with the seller. Our relationship with WHH, experience in the Orlando hotel market—AREA owns the Omni Championsgate and the Hilton Orlando Convention Center—and our ability to move quickly made us a natural fit for WHH and this project.

GlobeSt.com: Why did you decide to purchase this property?

Torres: We are generally pursuing opportunities in the larger markets throughout the US. Orlando, like many of the big markets, has been showing signs that it has turned the corner. We expect this recovery to continue and hopefully strengthen over the next few years.

In terms of this hotel specifically, the Sheraton Safari has a strong brand in Sheraton and is very well-located adjacent to the largest demand generator in that market—Disney World. As a result, the hotel should continue to benefit as the improving economy draws more visitors to Orlando.

However, this hotel has even greater potential as our business plan entails a major renovation and repositioning of the asset both physically and operationally. In addition, the construction of over 6,000 square feet of additional meeting space—for new total of over 20,000 square feet of function space—will enable the hotel to attract small and mid-sized groups that it could not previously accommodate.

GlobeSt.com: When will the renovations and repositioning be completed?

Torres: Plans are well underway and we are currently targeting completion in spring 2012.

GlobeSt.com: What do you see as the biggest challenges with this property?

Torres: While this hotel will benefit greatly from just a broad market recovery, the big potential for this property—and thus, its challenge—is in the complete repositioning of the asset within the marketplace.

GlobeSt.com: How will you overcome this challenge?

Torres: To mitigate this challenge, we have put together a strong team of professionals and have a very comprehensive renovation plan. The principals at WHH have direct experience with large hotel renovations and repositionings. In addition, we have reassembled a group of professionals that AREA has worked very successfully with on several large scale hotel projects in Orlando as well as other cities.

The local project manager is RIDA Development, developer and co-owner of both the Hilton and Omni in Orlando. The primary architect is Looney & Associates, a world-renowned architect and interior designer. And the general contractor is Welbro Building Corporation, one of the largest privately held general contractors in Central Florida.

Together, this team has been working for several months on a substantial renovation plan of the Sheraton Safari that will dramatically improve the guest experience. Separately, Aimbridge Hospitality and CAM Hospitality Advisors have already begun taking steps to enhance the operations and sales approach at the hotel. They are also finalizing a marketing campaign that will be coordinated with the renovation to relaunch the hotel. Given the size of the hotel and its layout, it will remain open throughout the renovation.