ORLANDO—December 7, 2018–A newly-formed joint venture among funds managed by Trinity Real Estate Investments LLC (“Trinity”) and funds managed by Elliott Management Corporation (“Elliott”) today announced the acquisition of the Grande Lakes Orlando Resort. The 409-acre luxury complex includes two hotels – a 582-key Ritz-Carlton and a 998-key JW Marriott. The resort also includes a Greg Norman-designed 18-hole championship-caliber golf course.
“We’re excited to partner with Elliott to acquire this prime resort destination in Orlando, a market supported by numerous demand generators and significant infrastructure investment. Elliott and Trinity will continue to selectively pursue together additional market-leading large hotel properties with value-add opportunity,” said Sean Hehir, Managing Partner of Trinity. “By executing our business plan and deploying strategic capital to elevate and activate the resort experience for both families and group travelers alike, we intend for Grande Lakes to be recognized as a destination unto itself.”
Situated in the heart of Orlando’s tourism corridor, the Grande Lakes Orlando Resort is well positioned to benefit from Orlando’s continuing strong demand drivers, including record-setting visitation in 2017 as the first ever U.S. destination to surpass 70 million visitors. In addition to being a top theme park destination, Orlando ranks as one of the top three destinations for convention travel in the country, and the City of Orlando continues to invest billions of dollars in new infrastructure projects that will make travel and business more efficient.
Tim Mackey, Portfolio Manager at Elliott responsible for commercial real estate in the Americas, added, “Elliott is pleased to launch our venture with Trinity, a globally-recognized hospitality investor and active asset manager. This investment lies at the crossroads of market opportunity, accomplished partner, and distinguished asset.”
Set among a lush tropical landscape located within a short drive of the Orlando International Airport, the Orange County Convention Center, and popular theme park attractions, the Grande Lakes Orlando Resort is among the top resort and conference destinations in the Marriott system. The institutional-quality asset features 278,000 square feet of indoor and outdoor meeting space, 15 food and beverage outlets, a spa occupying 40,000 square feet with 40 treatment rooms, multiple swimming pools, and myriad sporting facilities.
The Ritz-Carlton and JW Marriott hotels each carry a four-diamond rating from AAA. Since 2015, both properties have benefited from multimillion-dollar renovation projects. Trinity and Elliott, through their proven value-add platform, plan to implement a multiyear capital improvement plan to further enhance the resort’s offerings to maintain its iconic status. In addition to guestroom renovations, planned capital improvements include upgrades to the resort’s ballroom, meeting spaces, water features, and food offerings.