The Holiday Inn Express & Suites in Davenport has been purchased buy a limited liability company from Tulsa, OK. for $7.4m. The five-story, 95-room interior corridor hotel was built in 2009 on approximately 2.37 acres. The property is located in the greater Orlando-Kissimmee metro area and offers access to attractions like Walt Disney World, Wet N Wild, Sea World and Universal Studios. Marcus & Millichap represented the seller, an Orlando area limited liability company.
“This was a unique opportunity for an investor to purchase a large yet profitable hotel in a prime location,” says Ahmed Kabani, a vice president investments in Marcus & Millichap’s Miami office. “The Orlando market has seen a 7.8 percent increase in occupancy growth year-over-year and a 12.3 percent increase in ADR growth for the same period reflecting a 21.1 percent RevPAR gain.”
