ORLANDO—Sheraton Orlando Downtown has traded hands. Financial terms on the sale of the 291-room hotel were not disclosed, but in a story about aging hotels getting renovations the Orlando Sentinel reported developers are giving the Sheraton Orlando Downtown a $17 million facelift.
Robert Taylor of CBRE Miami, along with Ron Danko of the firm's New York City office, exclusively represented the seller. Alena Hospitality of Orlando acquired the hotel and plans to renovate and reposition it to fly a Marriot Renaissance flag.
As the anchor for the City of Orlando's Creative Village redevelopment project, Taylor says the Sheraton Orlando Downtown represents a unique value-add opportunity. As he sees it, the Downtown Orlando market has evolved and remains exciting for many investors.
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