EVERWOOD HOSPITALITY PARTNERS has completed the acquisition of the 184-room LaQuinta I Drive/Convention Center hotel in Orlando, Florida, from Cavalier Florida, LP, the company said. Real estate capital advisory, Cronheim Hotel Capital, helped secure the loan for the acquisition and subsequent renovation of the property which includes upgrades to public and private spaces.
The loan, from a Florida-based bank, which provided five-year fixed rate financing with two years of interest only, represented 65 percent of the all-in cost, according to Everwood.
The hotel is next door to ICON Park and offers multiple dining and entertainment options. The property is one mile from the Orange County Convention Center and the city’s many amusement parks and entertainment venues. Amenities include an outdoor pool and a fitness center.
“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, Everwood’s managing principal and chief operating officer. “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.”
“This is a great investment for EHP,” said Beau Williams, senior managing director at 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.”
Recently, Newcrestimage finalized purchase of the LaQuinta Inn & Suites Los Angeles International Airport in Los Angeles.