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and Resort in Orlando, Florida for $10 million |
| Fort Lauderdale, Florida (January 5, 2006) � In a move to capitalize
on the �hot� transactions market for Florida hotels, REH Capital Partners,
LLC, announced today that it has sold the 144 unit Lake Cecile Suites and
Resort in Orlando, Florida, formerly licensed as MainStay Suites through
Choice Hotels, to Palm Suites Land Trust in a transaction valued in excess
of $10 million. REH, through a private investment consortium, purchased
the property out of foreclosure from an Arizona based lender for $4,700,000
in December of 2002.
�We originally planned to hold the property for four to five years but decided to sell it now, after less than three years of ownership, to take advantage of the hot market for condo-hotel conversion properties in the Central Florida Attractions market�, said Frank Nardozza, Chairman and CEO of REH Capital Partners, LLC. Added Jim Fitzgerald, EVP of REH Capital Partners, �We quietly marketed the property to a small handful of condo-hotel converters and in the end we had several groups vying for the property who were attracted by its large, family-villa type units with full kitchens, that were ideally suited for condo conversion, and its location along the waterfront of Lake Cecile, at the intersection of State Road 535 and Highway 192, just minutes from the Disney World Resort�. The property underwent a major renovation and refurbishment in 2003, sustained substantial property damage in 2004 from Hurricanes Charley and Francis, and was repaired and restored to full operation in early 2005 well in advance of the recent sale. In addition to REH Capital Partners, other partners in the private investment consortium that sold the property include Miami based investors Ezra Katz of Aztec Group and Enrique Dillon. REH and Aztec Group collaborated on completing the transaction. REH Capital Partners, LLC is a private investment and advisory services firm headquartered in Fort Lauderdale, Florida with additional offices in the Washington D.C. area and Los Angeles, CA. REH Capital Partners makes principal investments in real estate and hospitality assets as well as provides strategic investment advice, transactional services, asset management services, and strategic consulting services to a wide range of public and private sector clients. Aztec Group, Inc. is a full service real estate investment banking firm specializing in facilitating the acquisition, disposition, financing, and capital needs of real estate and hotel projects for institutional investors, entrepreneurs, commercial developers and offshore clients. |
| Contact:
Mr. Francis J. Nardozza
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| Also See: | REH Capital Partners Acquires the 144 unit Lake Cecile Suites and Resort in Orlando, Florida for $4,700,000; Will Renovate and Rebrand MainStay Suites Resort / Jan 2003 |