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Foreign Investor Buys Downtown Orlando Hotel

ORLANDO—“It's exciting to see foreign capital flow into Central Florida and the downtown submarket.”

By Jennifer LeClaire | jenniferleclaire | | Updated on March 08, 2016
Located at 191 East Pine Street, Embassy Suites by Hilton Orlando Downtown opened in 2000. Located at 191 East Pine Street, Embassy Suites by Hilton Orlando Downtown opened in 2000.
ORLANDO—Embassy Suites by Hilton Orlando Downtown, a 167-room, full-service, all-suite hotel in Downtown Orlando, had traded hands. The hotel sold for $26 million. HFF senior managing director and head of HFF’s hotel group Daniel C. Peek , director Michael Weinberg , and associate director Preston Reid represented the seller, HEI Hotels & Resorts .  Korea’s Paradise Group purchased the asset free and clear of debt. The hotel was the firm’s first acquisition in the United States. “The hotel is going to benefit greatly from the renovation,” Weinberg tells GlobeSt.com. “It has a fantastic location, but the refresh from the property improvement plan will elevate its ability to compete in the marketplace. It’s exciting to see foreign capital flow into Central Florida and the downtown submarket.” Paradise plans a significant property improvement plan to improve the customer experience and the asset’s market competitiveness. BayStar Hotel Group will manage the hotel . Located at 191 East Pine Street, Embassy Suites by Hilton Orlando Downtown opened in 2000. It offers 167 hotel rooms, eight executive suites and two presidential suites.  More than 10 million square feet of office space is in the immediate area. The hotel overlooks Lake Eola and offers 6,850 square feet of indoor meeting space with another 3,000 square feet of flexible pre-function space, outdoor pool, fitness center, business center, free evening reception and the full-service Eola Café restaurant. The hotel has a WalkScore of 92 and is near restaurants, shopping, nightlife, two SunRail train stops and downtown entertainment destinations. Did you know more travelers are opting for vacation homes? Check out my recent column .  

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