KISSIMMEE, Fla., January 15, 2020 – Marcus & Millichap (NYSE: MMI), a leading commercial real estate investment services firm with offices throughout the United States and Canada, has announced the sale of Red Lion Hotel Orlando-Kissimmee Maingate, a 516-room hospitality property located in Kissimmee, Fla., according to Scott Lunine, Regional Manager of the firm’s Miami office. The asset sold for $17,700,000.
Red Lion Hotel Orlando-Kissimmee Maingate is located at 7300 W Irlo Bronson Memorial Hwy in Kissimmee, Fla. “This property has tremendous upside because of its size and location. The buyer has a vison and has worked hard to go through the process of converting the asset to work force housing and an operating hotel. The buyer is an established company that owns many properties throughout the Kissimmee and Orlando area”, states Ahmed Kabani.
Built in 1974, The Red Lion Hotel sits on a large lot located in a prime location near the main entrance to Walt Disney World. The property was sold on a per key basis. The hotel is a two-story exterior corridor design, situated on a well-manicured site featuring three pools, a spa, two fitness centers, conference space, children’s playground, volleyball court and more. Additionally, the property recently opened a new Pizza Hut Express and retail space.
About Marcus & Millichap (NYSE: MMI)
With nearly 2000 investment sales and financing professionals located throughout the United States and Canada, Marcus & Millichap is a leading specialist in commercial real estate investment sales, financing, research and advisory services. Founded in 1971, the firm closed 9,472 transactions in 2018 with a value of approximately $46.4 billion. Marcus & Millichap has perfected a powerful system for marketing properties that combines investment specialization, local market expertise, the industry’s most comprehensive research, state-of-the-art technology, and relationships with the largest pool of qualified investors. To learn more, please visit: www.MarcusMillichap.com.