Tishman Buys Three Orlando Hotels for $81M
Stepstone Hospitality of Providence, RI has been retained by Tishman to manage the three new hotel properties, according to Hunter Hotel Advisors.
ORLANDO, FL—An affiliate of New York City-based Tishman has acquired three select-service hotel properties here, increasing its portfolio here by 400 rooms to nearly 2,700 rooms.
Tishman Select Partners acquired the Homewood Suites Orlando Theme Park (133 rooms), the Homewood Suites Lake Buena Vista (130 rooms) and the Hilton Garden Inn Lake Buena Vista (137 rooms) for $81 million from Kalson’s Hospitality, a locally-based development firm that developed all three hotel properties from the ground up.
Tishman also owns the nearby hotel properties—the 758-rooom Walt Disney World Swan and the 1,509 room Walt Disney World Dolphin Resorts.
Shamir Patel, a broker with Atlanta-based hotel investment advisory firm Hunter Hotel Advisors, represented Kalson’s Hospitality in the transaction, along with Chirag Kabrawala of the Kabrawala Law Group.
Stepstone Hospitality of Providence, RI has been retained by Tishman to manage the three new hotel properties, according to Hunter Hotel Advisors.
“Adding these properties to our growing hotel portfolio continues our diversification of room offerings through our Tishman Select Partners affiliate,” says Obaid Khan, chief financial officer for Tishman. “Vacationing families and business travelers in Orlando depend on quality select service hotels when they come here and we are aiming to provide a truly best in class experience for both.”
Tishman Select Partners has owned, managed, built or advised on more than 80,000 hotel rooms. A total of approximately 6,000 of those are select-service category rooms. Included in its international hotel portfolio includes the Westin New York at Times Square, the InterContinental New York Times Square, the InterContinental New York Barclay, the Sheraton Grand in Chicago and the Aloft Chicagi Mag Mile, a 337-room limited service hotel that is being built in the Streeterville section of the city. The hotel is scheduled to open in October of this year.