ORLANDO, Fla., Jan 3, 2023—Officials of Everwood Hospitality Partners (EHP), a leading hotel owner/operator with a growing portfolio of lifestyle, full- and select-service hotels nationwide, today announced the company has acquired the 184-room LaQuinta I Drive/Convention Center hotel in Orlando, Fla. from Cavalier Florida, LP.
Cronheim Hotel Capital (CHC), a real estate capital advisory firm specializing in capital solutions for hotel owners, operators and investors, helped secure the loan that will be used for the acquisition and subsequent multimillion-dollar hotel renovation. The refurbishment process will include significant upgrades to public and private spaces throughout the property. The loan represents 65% of the all-in cost and holds a five-year term at a very favorable interest rate. CHC sourced the financing from a Florida-based bank, which provided five-year fixed-rate financing with two years of interest only.
“With its proximity to many of Orlando’s top attractions, the LaQuinta is an ideal addition to Everwood’s expanding hotel portfolio,” said Amit Patel, managing principal and chief operating officer, Everwood Hospitality Partners. “We continue to seek hotels in prime markets with barriers to new entry and multiple demand generators that help protect against occasional market fluctuations. Following the implementation of our proprietary management and marketing systems, LaQuinta I Drive will become the segment leader for leisure and business travelers in Orlando.”
Conveniently located at 8504 Universal Blvd., just off Route 528 and International Drive, the hotel is situated next door to ICON Park, which offers multiple dining and entertainment options, and just one mile from the Orange County Convention Center and the city’s many amusement parks and entertainment venues. Hotel amenities include and outdoor pool, complimentary Wi-Fi, business center and 24/7 fitness center. Guests also will enjoy a daily, free breakfast of waffles, coffee and more. Rooms feature a pillow-top mattress, desk, hair dryer, ironing amenities and flat-screen HDTV.
“This is a great investment for EHP,” said Beau Williams, senior managing director, CHC. “It’s a well-built asset in a highly desirable location within Orlando. Cost basis is well below replacement cost, and the hotel benefits from a flag that will perform considerably well at this location. We were able to procure very attractive debt for the project that allowed EHP to acquire and renovate the property within a favorable timeline.”