Two of the Five Previously Announced Acquisitions
February 19, 2015 – ORLANDO, Fla. – Hilton Worldwide has acquired the Waldorf Astoria Orlando and Hilton Orlando Bonnet Creek from a consortium including affiliates of GEM Realty Capital, Farallon Capital Management and Blackstone. The closing follows an announcement last week that Hilton Worldwide signed agreements to acquire the two hotels.
Opened in October 2009, the 498-room Waldorf Astoria Orlando and 1,000-room Hilton Orlando Bonnet Creek together form a 482-acre resort that is surrounded by a private nature preserve and is conveniently located on three sides by Walt Disney World®. The resort features a 3-acre Florida-style lazy river pool, Rees Jones-designed championship golf course, Waldorf Astoria Spa, fitness center and nearly a dozen dining and lounge options, including the Hilton Orlando Bonnet Creek’s award-winning La Luce® and Waldorf Astoria Orlando’s signature restaurant, Bull and Bear®.
“These two properties are a great addition to our portfolio of owned assets and a testament to the power of strong partnerships, teamwork, vision and devotion,” said Christopher J. Nassetta, President and CEO, Hilton Worldwide. “The previous ownership has played a pivotal role in the success of the Waldorf Astoria Orlando and Hilton Orlando Bonnet Creek, and we will continue to build on their legacy of providing guests with outstanding experiences.”
“GEM has had a longstanding relationship with Hilton Worldwide through both GEM Realty Securities and GEM Realty Properties,” said Norman Geller, Senior Managing Partner of GEM Realty Capital. “Over more than a decade, we have worked with Hilton Worldwide’s exceptional management team, and we are thrilled that Hilton Worldwide will own and continue to manage this world-class resort.”
The Waldorf Astoria Orlando and Hilton Orlando Bonnet Creek have achieved a number of firsts and extensive awards. The Waldorf Astoria Orlando was the first newly built Waldorf Astoria property since the original Waldorf was opened on the same day 82 years before. Since then, the properties have received 62 “best” awards including Conde Nest Traveler Gold List, Travel & Leisure World’s Best, US News & World Report on Travel, Trip Advisor Certificate of Excellence and Hilton’s own Connie Award.
The property’s ownership entities have worked closely together and focused on ensuring the hotel team had the tools they needed to maintain the highest standards. “Built during difficult global economic times, ownership persevered and continued the commitment to stay on course, delivering on time and on budget,” said Peter Kacheris, managing director of the resort. “They always responded to the ever-changing needs of our customers by reinvesting into the property.”
“We are gratified by this result,” said Rocky Fried, Managing Member at Farallon. “This is an excellent outcome for our investors, with credit to our patient approach and collaborative work with our partners at GEM and Blackstone as well as the management team at Hilton Worldwide.”
