March 1, 2005 - Tandy O. Lofland, president of Intergroup Realty, Inc.,
announced that the firm represented the purchaser in the recent acquisition
of the Best Western
Universal Inn located near Universal
Studios Florida, Walt Disney World, and Orlando's many other attractions.
Built in 1998, the three-story, interior- corridor hotel serves the
fast-growing Orlando tourist, group, and convention markets.
The seller, Allegiance, L.L.C., conveyed the property to the private purchaser
for $3.6 million, or more than $51,000 per room.
.
The purchaser plans to make a number of capital improvements to the
70-room hotel and will implement new management and marketing programs.
The Best Western |
Best Western Universal Inn
5618 Vineland Road
Orlando, FL 32819 |
franchise will be retained.
About Intergroup:
Since
1980 Intergroup has provided transaction and development services for hospitality
and commercial properties in the U.S., Europe, the Caribbean and Latin
America, with an emphasis on full-service, first-class hotels, resorts,
and mixed-use developments. Company experience includes development,
marketing, and management of The Parkway, a 195-acre mixed-use development
next to Walt Disney World in Orlando, and transactions or projects involving
such hotel brands as Four Seasons, Hilton, Sheraton, Holiday Inn, Crowne
Plaza, Radisson, Hyatt, Homewood Suites, and Hampton Inn. Significant transactions
include the recent sale of a 12.1-acre development site for a 250-unit,
mid-rise time-share project; sale of a 377-room, 2-hotel package in Houston,
Texas; sale of the 317-room Hilton Knoxville; sale of the 718-room
Radisson Resort Parkway in Orlando; rebranding of the Four Seasons Hotel
Buenos Aires, Argentina and Four Seasons Resort Carmelo, Uruguay; and establishment
of a joint venture for the development of a new 200-room Hilton Garden
Inn near San Diego, CA.
Currently celebrating its 25th anniversary, Intergroup has provided
transaction and development services on over 75 properties
and projects worth well over $1 billion. |