HFF closes sale of and secures financing for Holiday Inn Orlando SW – Celebration Area near Walt Disney World Resort
ORLANDO, FL – April 24, 2017 – Holliday Fenoglio Fowler, L.P. (HFF) announced today that it has closed the sale of and secured acquisition and renovation financing for Holiday Inn Orlando SW – Celebration Area, a 444-room, limited-service hotel near the grounds of Walt Disney World Resort in Orlando, Florida.
HFF marketed the property on behalf of the seller, Eastgate Hospitality Investors, LLC, for which HFF secured financing for the property in 2012. Palm Holdings purchased the asset free and clear of debt and unencumbered of management. Additionally, working on behalf of the new owner, HFF placed the five-year, floating-rate loan with BMO Harris Bank. Proceeds of the financing will be used to acquire the hotel and immediately implement a property improvement plan, which includes a complete overhaul of the lobby, common areas and guestrooms.
Holiday Inn Orlando SW – Celebration Area is an official Walt Disney “Good Neighbor Hotel” at 5711 W. Irlo Bronson Memorial Highway in Kissimmee, 2.5 miles from Walt Disney World Resort (Disney), which welcomes more than 50 million visitors a year. Additionally, the hotel is less than two miles east of Interstate 4, which provides access to Universal Studios Orlando, SeaWorld Orlando, LEGOLAND and the Orlando Premium Outlets. The hotel comprises two eight-story guestroom towers and a single-story section between them that was all completed in 1984 and 1985 and then redeveloped into a Holiday Inn in 2007. The Holiday Inn Orlando SW – Celebration Area features an outdoor pool, kid’s pool and whirlpool; fitness center; business center; game room; playground; Trattoria Café with an onsite Pizza Hut Express; lobby bar; 4,000 square feet of function space and scheduled transportation to the theme parks.
The HFF team was led by senior managing director Michael Weinberg and associate directors Preston Reid and Matthew Sand.
“BMO Harris offered a flexible financing solution that fit well with our client’s business plan for the hotel,” Sand said. “We were excited to help Palm Holdings continue to grow its presence in the Orlando market.”
About Palm Holdings
Palm Holdings is an international hospitality and commercial development company specializing in acquiring, improving and managing hotels across North America and the United Kingdom. The family controlled company offers a wide range of business services including Palm
Hospitality, an international hotel management and consultancy company; Palm Construction specializing in capital improvements, new developments and retrofits for hotels; as well as Palm Ventures, an equity services firm dedicated to acquiring and holding hospitality related real estate. Palm Holdings is one of the fastest growing hospitality firms with a portfolio spanning across three countries in the United States, Canada and the United Kingdom. Visit palm-holdings.com for more information.
Holliday Fenoglio Fowler, L.P., HFF Real Estate Limited (collectively, “HFF”), HFF Securities L.P. and HFF Securities Limited (collectively, “HFFS”) are owned by HFF, Inc. (NYSE: HF). HFF and its affiliates operate out of 24 offices and are a leading provider of commercial real estate and capital markets services to the global commercial real estate industry. HFF, together with its affiliates, offers clients a fully integrated capital markets platform including debt placement, investment sales, equity placement, funds marketing, M&A and corporate advisory, loan sales and loan servicing. For more information please visit hfflp.com or follow HFF on Twitter @HFF.