ORLANDO—The Westin Imagine Hotel has traded for $34.5 million. ERGS WI Orlando REO purchased the property from a bank group using the name REDUS Imagine.
HFF marketed the 315-room Westin on behalf of the seller, which foreclosed on the property earlier this year. HFF senior managing director Daniel Peek, directors Max Comess, Michael Weinberg and Paul Hsu, and senior real estate analyst Cyrus Vazifdar led the charge.
“The Westin Imagine is a partially-sold condo hotel, so that makes it a unique transaction,” Peek tells GlobeSt.com. “With this structure, there are a lot of moving parts. You have to understand the restrictions, the rental management program and the market.”
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