|
|
|
of the Doubletree Resort Orlando � Villas at Maingate in Kissimmee, Florida |
.
| Miami, Florida - August 4, 2005 � Aztec Group, Inc., Florida's leading
real estate investment and merchant banking firm based in Miami, is pleased
to announce the sale, as well as arranging first mortgage financing on
the Doubletree Resort Orlando � Villas at Maingate in Kissimmee, Florida.
The property was acquired by SRV Associates LLC for $12,000,000 from Villas
of St. Paul, Inc. Aztec Group, which represented both buyer and seller,
also secured a $16,000,000 acquisition and renovation loan on behalf of
the buyer. The buyer has renamed the property Saratoga Resort Villas
and is planning to convert to a condo/hotel following extensive renovations.
The former Doubletree property, located at 4787 Irlo Bronson Highway, contains 150 two and three bedroom townhouse villas, as well as additional five acres of land for future development. Situated on a lush estate with ponds and fountains, the property also contains a restaurant, bar, retail space, and a tennis court. SRV Associates, LLC has appointed Orlando based Avista Hotels to manage and oversee the renovations of the property. Founded in 1981, Aztec Group, Inc., is a full service real estate investment and merchant banking firm specializing in facilitating the acquisition, disposition, financing and capital needs of real estate projects for institutional investors, entrepreneurs, developers and offshore clients. |
| Contact:
Contact: Boaz Ashbel
|