ORLANDO—Lake of the Woods Resort just traded hands. The price: $2 million. Although the sale price is low, the backstory is noteworthy.
Greene, Canfield, DeGeorge, (GCD Hotels), a Clearwater, FL-based member of Hotel Brokers International, brokered the sale of the Maitland, FL hotel. GCD president Tony DeGeorge and vice president Ken Olipra, represented both the seller and the buyer in the hotel transaction.
The 36-room limited service resort hotel was built in 1990 on a 2.3-acre lakefront parcel in a bedroom community of Orlando. The property was marketed as an ALF-conversion opportunity. The buyer has plans to convert the hotel to a substance abuse rehabilitation facility.
“After analyzing the asset, Ken Olipra and I concluded the property is more suited to an alternate use,” says DeGeorge. “We advised the owner that the highest and best use for the property is as an assisted living or similar-type facility.”
Central Florida is seeing plenty of hotel trading. The Holiday Inn Orlando International Airport Hotel just traded hands earlier this week.
“The airport market has really caught fire over the past year in light of the continued growth of the Orlando International Airport itself, the economic development in the immediate area and significant demand that is flowing out of the Lake Nona area,” says Paul Sexton, vice president of HREC's Orlando office. “Under the new owner's stewardship, we fully expect the hotel to return to its position as the icon of Orlando-style hospitality for airport travelers.”
Last month, value-added hotel investors competed for another Central Florida hotel: the Lodge at Gainesville. The sale price was $12.1 million.
“We expected strong interest in the asset but the quality of the buyer pool exceeded our own expectations,” Michael Weinberg, HFF director, tells GlobeSt.com. ““The sales process became extremely competitive prior to buyer selection. Both buyer and seller were very professional and great to work with.”
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