ORLANDO, Florida., April 27, 2022 /PRNewswire/ — Tishman Realty and Cross Lake Partners announced that they have acquired the Wyndham Grand Orlando Bonnet Creek, a 400-room upscale hotel located at 14651 Chelonia Parkway in Orlando, Florida. The seller of the hotel was Wyndham Hotels & Resorts (NYSE: WH). HEI Hotels & Resorts, one of the leading hotel management companies in the United States with more than 85 hotels under management, will assume the property management of the hotel which was previously managed by the vendor.
Built in 2011, the 14-story full-service hotel features 400 rooms, 50,000 square feet of event space, a resort spa, fitness center, and multiple food and beverage outlets. The hotel is located in Bonnet Creek, a private development of four hotels bordered by Walt Disney World on three sides. The hotel is located less than two miles from Disney’s Hollywood Studies, Epcot and the Disney Springs entertainment and retail emporium and close to other major theme parks including Disney’s Magic Kingdom and Universal Studios .
The hotel is well placed to take advantage of the Orlando the continued market recovery from the pandemic and significant investment in the tourism industry. the Orlando The hotel market has started to see a strong rebound in leisure demand after the pandemic. Recently opened and planned theme park expansions are expected to drive growth in park attendance over the next few years. The same time, Orlando has made substantial investments in infrastructure such as the Orlando international airport, highways and passenger rail transport to accommodate significant growth in the region’s capacity for leisure, business and convention visitors. The return of events and conferences to Orlando will also benefit this property as its flexible meeting space can accommodate a wide range of group sizes.
“Tishman Realty has invested in the Orlando market for over 40 years. The acquisition of the Wyndham Grand Orlando Bonnet Creek brings our hotel room count to the Orlando market to more than 4,100 keys. The institutional quality, location, product and property size fit perfectly between our large convention center hotels and our smaller limited service hotels in the market,” said David Rothenberg, President of Tishman Realty. “We were able to see firsthand the resilience of Orlando market through multiple market cycles, including the COVID-19 pandemic, and we are excited to continue to expand our footprint in the market. »
“The acquisition represents Cross Lake first hotel investment in Orlando since we sold the Ritz Carlton and the JW Marriott Grande Lakes several years ago. The institutional quality of this property and prime location at the gateway to theme parks provides a unique opportunity to benefit from the burgeoning rebound in demand as the world recovers from the pandemic,” said Jon Shumaker, co-manager of Cross Lake Partners. “In addition to the market opportunity, we believe there is a unique opportunity to reposition this particular asset to drive operating performance beyond the cyclical recovery.”
Jones Lang LaSalle (“JLL”) arranged the sale of the Wyndham Grand Orlando Bonnet Creek on behalf of the seller Wyndham Hotels & Resorts.
About Tishman Realty:
Tishman Realty is a vertically integrated real estate owner, operator, developer and advisor with a current portfolio of over 5.5 million square feet. Tishman Realty is comprised of a diverse team of experienced property, finance and hospitality management specialists, and is complemented by a technical team of architects, engineers and construction management professionals. Tishman Realty typically manages all components of its projects and acquisitions, from feasibility, design, budgeting, financing and development management to ongoing property and asset management. Tishman Realty has developed, managed and advised over 35 million square feet of all types of real estate – including over 50,000 hotel rooms, as well as convention centers, retail, residences and offices.
About Cross Lake Partners LP
Cross Lake Partners is a private and independent real estate investment firm based in New York City with about $1 billion in assets under management. The founders have worked together since 2004 and collectively have over 50 years of real estate investment experience across a wide range of real estate asset classes. During their career, the founders of cross the lake have conducted real estate transactions with a cumulative asset value greater than $20 billion. Cross Lake takes a disciplined, value-oriented approach to investing in the top 30 U.S. growth markets. For more information, please visit www.crosslakepartners.com.
About HEI Hotels & Resorts
HEI Hotels & Resorts, headquartered in Norwalk, Conn.is a leading hotel investment and management company that owns or operates more than 85 luxury, upscale and premium independent and branded hotels and resorts across United States. The company is renowned for its commitment to associates, revenue management, profit contribution and real estate value creation based on empirical data, thanks to a complete suite of proprietary software tools to set and exceed objectives on a fully integrated base. HEI works hand-in-hand with institutional capital partners on existing assets under management as well as sponsored acquisition opportunities. To learn more about HEI, visit www.heihotels.com
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SOURCETishman Realty; Cross Lake Partners