ORLANDO-AREA Property Partners and Winston Harton Holdings just acquired Sheraton Safari Hotel and Suites and announced a $25-million redevelopment. The sales price for the Lake Buena Vista property was not disclosed, but the joint venture is betting a $50,000-per-room renovation will drive tourist demand as the hotel market recovers.
The 489-room facility will see expanded and updated conference facilities, revamped guestrooms and family suites, a new fitness center, an upgraded contemporary restaurant and lounge, and an update of all public spaces of the hotel, which is located just minutes from Disney theme parks. GlobeSt.com caught up with AREA partner Randy Torres to discuss the joint venture strategy, the renovation plans and more.
GlobeSt.com: Why did you go the JV route on this deal?
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