Sale of Embassy Suites by Hilton Orlando Downtown hotel closed by HFF
ORLANDO, FL – Holliday Fenoglio Fowler, L.P. (HFF) announced today that it has closed the sale of Embassy Suites by Hilton Orlando Downtown, a 167-room, full-service, all-suite hotel in downtown Orlando, Florida.
HFF marketed the property on behalf of the seller, HEI Hotels & Resorts. In their first acquisition in the United States, Paradise Group purchased the asset free and clear of debt and will implement a significant property improvement plan (PIP) to enhance the customer experience and the asset’s ability to compete in the market. BayStar Hotel Group will manage the hotel.
Opened in 2000, Embassy Suites by Hilton Orlando Downtown’s 167 rooms include eight executive suites and two presidential suites. The hotel overlooks Lake Eola and features 6,850 square feet of indoor meeting space with an additional 3,000 square feet of flexible pre-function space, outdoor pool, fitness center, business center, complimentary evening reception and the full-service Eola Café restaurant. Embassy Suites by Hilton Orlando Downtown is located at 191 East Pine Street, which is proximate to more than 10 million square feet of office space and adjacent to Lake Eola Park. With a Walk Score® index of 92, the hotel is near restaurants, shopping, nightlife, two SunRail train stops and popular downtown entertainment destinations, including the Amway Center and Dr. Phillips Center for the Performing Arts.
The HFF investment sales team representing the seller was led by senior managing director and head of HFF’s hotel group Daniel C. Peek, director Michael Weinberg and associate director Preston Reid.
“It’s exciting to see foreign capital flow into Central Florida and the downtown Orlando submarket,” Weinberg said. “This was Paradise’s first U.S. investment, so it was good to be able to facilitate the transaction with a new entrant into the market.”
About HEI Hotels & Resorts
HEI Hotels & Resorts (HEI), headquartered in Norwalk, Connecticut, is a leading hospitality investment firm that acquires, develops, owns and operates premium select-service, full-service, upper upscale and luxury hotels and resorts throughout the United States under such well-known brand families as Starwood, Marriott, Hilton, Hyatt and IHG. For more information about HEI, visit the company's website, www.heihotels.com.
About Paradise Group
Paradise Group (Paradise) is a leader of the tourism industry that represents Korea. Paradise has steadily grown since 1972 with devotion, consideration and people-oriented corporate management characterized by sharing. As a pioneer in the tourism industry, including hotels, gaming, travel and leisure, Paradise has developed the tourism industry of Korea and facilitated the growth of the national economy by creating jobs. As a creative company, Paradise is expanding into manufacturing and construction. Paradise is moving beyond Korea and out into the world. Under the Vision 2020 declared in 2012, Paradise is exploring a new development for a company that provides customers with special value and experience. Learn more at www.paradisegroup.co.kr.
About BayStar Hotel Group
Since 1999, BayStar Hotel Group has grown, thrived and set a new standard as a leader in hotel management & development. The company’s passionate, skilled team of professionals serves as the cornerstone to its success helping it to make each of BayStar Hotel Group’s properties distinctive destinations, authentic experiences and uniquely accommodating. From the company’s guestrooms to its boardroom, BayStar Hotel Group’s diverse portfolio of hospitality properties offers endless choices for travelers of all types. For more information, visit baystarhotels.com.
HFF and HFFS (HFF Securities L.P.) are owned by HFF, Inc. (NYSE: HF). HFF operates out of 22 offices nationwide and is a leading provider of commercial real estate and capital markets services to the U.S. commercial real estate industry. HFF together with its affiliate HFFS offer clients a fully integrated national capital markets platform including debt placement, investment sales, equity placement, advisory services, loan sales and commercial loan servicing. For more information please visit hfflp.com or follow HFF on Twitter @HFF.