This week, HEI Hospitality bought the Embassy Suites Orlando-Lake Buena Vista Resort in Orlando, Fla. for $56 million. The seller was StrategicCapital (NYSE: SLH). HEI will spend $6 million to renovate the hotel’s 333 guest rooms and public areas over the next two years. HEI subsidiary Merritt Hospitality will operate the hotel.
“The Orlando market has recovered well since the hurricanes of a year ago, and the city remains the nation’s number one tourist destination, drawing in excess of 43 million visitors last year,” says Steve Mendell, executive vice president of acquisitions andat HEI. “The all-suite Embassy brand, with its spacious two-room accommodations, is by far the most ideally suited product for the Orlando market.”
The Embassy Suites Orlando-Lake Buena Vista Resort hotel is located less than one mile from the entrance to the Walt Disney World Resort. The full-, upscale, all-suite resort is also located near SeaWorld Orlando Adventure.