Partnership Acquires 1,004-Room Orlando Resort in an Off-Market Acquisition and Plans Renovations and Meeting Space Expansion to Add Value
NEW YORK (May 28, 2015) – AWH Partners, LLC, a privately held real estate investment, development and management firm, in partnership with Building and Land Technology, a privately held, vertically integrated, real estate private equity, development and property management firm, announce today the off-market acquisition of the 1,004-room DoubleTree by Hilton Orlando at Sea World. This is the second hotel acquisition for the partnership following the acquisition of the 536-room Dallas Westin Park Central. The firms plan to add value through extensive renovations to guest rooms, meeting space, public areas and resort grounds, and will add approximately 30,000 square feet of upgraded facilities and premier ballroom space to enhance the hotel’s conference center. AWH Development will oversee the renovations and Spire Hospitality will manage operations under a franchise agreement with Hilton Worldwide (NYSE: HLT).
“AWH is delighted to make our second investment in Orlando and our second deal with BLT following the Dallas Westin Park Central transaction. This opportunity comes at an attractive basis, with a terrific brand, and is an opportunity to apply the combined experience and leadership of our development and operation teams,” says Chad Cooley, principal of AWH Partners.
“We are excited about our second acquisition with AWH Partners. Together, we have crafted a compelling value-add strategy for the asset and believe the property will be very well received in the marketplace once the improvements are complete,” says Carl R. Kuehner, III, chief executive officer of Building and Land Technology.
Currently featuring 60,000 square feet of meeting and event space, the resort presents a myriad of choices for group business combined with leisure travel. Suitable for low-key executive retreats, sales meetings or once in a lifetime celebrations, DoubleTree by Hilton Orlando at Sea World has an in-house, top-of-the-line A/V and IT service team. The partnership’s planned addition of space at the resort’s conference center will significantly expand capacity for meetings and events, featuring 30,000 square feet in several large ballrooms, an outdoor event pavilion and pre-function spaces.
“This full-scale resort is an attractive, cash-flowing asset in a market that consistently attracts both leisure and commercial travelers,” says Jonathan Rosenfeld, principal of AWH Partners. “This investment is consistent with our aggressive strategy to expand into large markets with hotels that offer substantial meeting space and present an opportunity for value-add through renovation.”
Spanning 28 lush acres, DoubleTree by Hilton Orlando at SeaWorld is conveniently located adjacent to SeaWorld® and Aquatica, SeaWorld’s Waterpark and just minutes away from Universal Orlando® Resort, Walt Disney World® Resort Theme Parks & The Orange County Convention Center. The resort offers L’Esprit Day Spa, three large, palm tree-lined swimming pools, including a relaxing lagoon pool and two children’s pools. In addition, there is a kids’ lounge and game area, miniature golf course and putting green, recreation center and seven dining outlets and options to accommodate a variety of culinary interests with live entertainment.
