ORLANDO—The WOW Resort, a 334-room hotel in Orlando, just traded hands. The hotel sold for $11.2 million.

Ahmed Kabani, a senior associate and associate director of Marcus & Millichap's National Hospitality Group in Miami, and J. Dominic Vito, an associate in Washington, D.C., represented the seller, a Boston-based investment fund. Kabani and Vito also procured the buyer, a private investor from the Arabian Peninsula.

“The property is located within the International Drive area of Orlando, which is in the midst of a billion-dollar development boom that includes the new $200 million entertainment destination I-Drive 360, and the I-Drive NASCAR Indoor Kart Racing complex,” says Kabani. “Already in an area close to popular tourist destinations, assets in the vicinity of International Drive are seeing increased interest from investors and an influx of foreign capital.”

Located at 6101 Sand Lake Road, the hotel is one mile from the Wet 'n Wild Orlando water park, three miles from the Universal Studios Florida theme park, and 10 miles from the Walt Disney World Resort entertainment complex. The hotel has a seasonally heated outdoor pool, a picnic area and a gym/fitness center.

“The size of the property and the strength of the market give the new owner many renovation options, all of which will be considered,” says Vito. The transaction closed within one week of the signing of the purchase agreement. The buyer paid all cash. The deal marks the 46th hotel M&Msold in 2015 to date.