A joint venture between Värde Partners, Interstate Hotels Corporation and Waramaug Hospitality Asset Management has sold the Sheraton Orlando North Hotel for $31.2 million. The 389 room Maitland hotel property changed hands for $80,205 per room key. Cambridge Landmark purchased the asset free and clear of debt and unencumbered of management. Located at 600 North Lake Destiny Road in the 226-acre Maitland Center Office Park, the property features 15,000 square feet of meeting space, on-site car rental services and a club lounge. The new owners will invest $4 million to upgrade the rooms and common areas of the property. Holliday Fenoglio Fowler’s investment sales team representing the seller was led by senior managing director Michael Weinberg and associate director Preston Reid.
“Orlando’s low supply growth over the past seven or eight years combined with unparalleled demand for room nights, including the 68 million visitors in 2016, have led to strong financial performance for most assets in our market,” Weinberg said. “Like in this transaction, a number of the groups we have sold assets to or raised equity capital from over the past few years in Central Florida have been from oversees sources. I see this trend continuing to grow due to the global awareness and connectivity of Orlando.”
