the 394-room Orlando North Hotel in Maitland, Florida;
Will Renovate and Reposition
|MAITLAND, FL, SEPTEMBER 15, 2005 -- AMC Delancey Group, Inc., a Philadelphia-based
national real estate investment company, and its partner, Paramount Hotel
Group, LLC, have announced their third joint hotel acquisition, this time
in Maitland, Florida within the bustling Orlando market. The 394-room
hotel, formerly known as Orlando North Hotel, was acquired from LaSalle
Bank National Association.
The property, which was once the premier landmark hotel conference facility in Maitland's business corridor, will undergo a multimillion-dollar, comprehensive renovation. Upon completion in 2006, the hotel will regain its position as the area's foremost first-class lodging and conference venue and re-emerge under the banner of a highly-recognized international brand, which the new owners expect to announce within the next several weeks.
Kenneth P. Balin, President and CEO of AMC Delancey Group said, "We are extremely excited to announce our third acquisition with operating partner, Paramount Hotel Group. Following our award-winning renovation of the Radisson Hotel Jacksonville Butler Boulevard and the strong repositioning efforts underway at the new Radisson hotel in Largo, Maryland/Washington DC, we are confident that the transformation of Orlando North Hotel will be a monumental success."
Peter Marino, Senior Vice President at Paramount Hotel Group commented, "We are pleased to once again partner with AMC Delancey in the repositioning of a strategically-located hotel asset. This new property will re-emerge in a rapidly strengthening market, and we are certain with our hospitality vision and management expertise it will become the preferred destination for all business and leisure travelers, as well as the business community seeking convenient, full-service conference facilities. The hotel will cater to guests offering price advantages over similar accommodations in the area and higher-standard amenities, such as LCD flat screen televisions and state-of-the-art communication capabilities. In addition, our on-site restaurants will be welcomed as culinary alternatives in the region by guests and local residents alike."
Originally built in 1984, the hotel is situated on 9.47 acres and is located off Interstate 4 and Maitland Boulevard, within the 6.4 million-square-foot Maitland Center. In addition to its 394 rooms, the fully renovated facility will feature 16 individual meeting rooms, nine conference rooms, two executive boardrooms, a 7,500-square-foot ballroom, and a 45-seat tiered classroom. All new furnishings will be featured throughout, including the already spectacular atrium lobby and bar, which will serve as a gathering place for conference attendees, hotel guests and area visitors. Currently housing two restaurants, a new upscale dining establishment will also be added, targeted to the Maitland Center and surrounding North Orlando market area.
Balin commented, "Our strategic hotel investment program with Paramount Hotel Group as our operating partner enables us to pursue multiple investment opportunities simultaneously. We have a proven track record of effectively executing our strategy of acquiring underperforming properties and investing the necessary time, energy, resources and expertise to help them realize their fullest potential. The AMC Delancey/Paramount team has demonstrated an incredible ability to successfully reposition and re-brand full-service hotels in diverse markets; and while this 394-room facility is the largest our team has undertaken, we are highly confident that it will become our most dynamic and exciting hotel."
AMC Delancey and Paramount Hotel Group have built an impressive track record as partners. Their first joint venture acquisition was the former Doubletree Club Hotel in Jacksonville, Florida. After an extensive renovation and repositioning, the hotel was reopened in early December 2004 to rave reviews as the Radisson Hotel Jacksonville Butler Boulevard, in time to host sellout crowds for Super Bowl XXXIX. This year, the two companies also teamed up to acquire the Doubletree Club Hotel in Largo, Maryland, which is currently undergoing a major renovation to open as the new Radisson Hotel, Largo, Maryland/Washington DC in early September.
Paramount Hotel Group, founded in 1999, is a premier hotel management and development company. Paramount Hotel Group specializes in value-oriented management of full and limited service hotels nationwide. As an independent operator, the Paramount team has successfully managed hotels under every major brand including Marriott, Hilton, Radisson, Sheraton, Crown Plaza, Holiday Inn, Ramada and Howard Johnson. The company is headquartered in Fairfield, New Jersey and manages and/or has ownership interests in 32 properties with more than 4,000 rooms.
AMC Delancey Group continues to seek operating partners across the hotel, multi-family, office, retail and industrial product sectors throughout the eastern United States. In addition to its hospitality partnership with Paramount Hotel Group in Florida, AMC Delancey most recently embarked on a major residential program with Miami-based operating partner, Hudson Capital, acquiring 132 acres on the inter-coastal waterway in St. Augustine, where they are currently developing a residential lifestyle community.
AMC Delancey Group, Inc. is a leading real estate investment and development firm that co-invests with a growing number of real estate operating partners throughout the United States. Headquartered in Philadelphia, Pennsylvania, the Company's unique approach focuses first on the quality of potential operating partners, next on their investment strategies, and finally on the specific properties proposed for acquisition. The Company's current investment programs include hotel, office, retail, multi-family, condominium, mixed use, and land development. AMC Delancey plans to expand these and other investment programs into existing and new territories, with existing and new operating partners, with investments targeted over the next several years in excess of one billion dollars. For more information on AMC Delancey Group, visit www.amcdelancey.com.
AMC Delancey Group
|Also See:||AMC Delancey Group, Inc. and Paramount Hotel Group Acquire the 167 room Southpoint Hotel in Jacksonville, Florida / April 2004|
|Ed Dykes Joins Paramount Hotel Group as Vice President of Business Development / October 2004|