December 10, 2018 Comments Off on Blackstone Sells Orlando Resort for $900M Views: 3404 Florida, National News, Top National

Blackstone Sells Orlando Resort for $900M

A newly-formed joint venture among funds managed by Honolulu-based Trinity Real Estate Investments LLC and funds managed by Elliott Management Corporation acquired the Grande Lakes Orlando Resort from Blackstone Group for a reported $900 million. The 409-acre luxury complex includes two hotels – a 582-key Ritz-Carlton and a 998-key JW Marriott.

Elliott’s Tim Mackey says, “This investment lies at the crossroads of market opportunity, accomplished partner, and distinguished asset.”

Situated in the heart of Orlando’s tourism corridor, the property is well-positioned to benefit from Orlando’s continuing strong demand drivers, including record-setting visitation in 2017 as the first ever U.S. destination to surpass 70 million visitors.

The institutional-quality asset features 278,000 square feet of indoor and outdoor meeting space, 15 food and beverage outlets, a spa occupying 40,000 square feet with 40 treatment rooms, multiple swimming pools, and myriad sporting facilities. The resort also includes a Greg Norman-designed 18-hole championship-caliber golf course.

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