Leo Capital acquired the Embassy Suites Orlando International Drive ICON Park. Terms of the transactionwere not disclosed. Hunter Hotel Advisors' Robert Taylor, executive vice president, and Sophia Pittaluga, senior vice president, represented the institutional seller. Crestline Hotels & Resorts will continue to manage the property.
Located on I-Drive in the “Theme Park Capital of the World,” the hotel attracts leisure traffic due to its proximity to ICON Park, Universal Studios, Islands of Adventure, Walt Disney World and SeaWorld. Orlando gets more than 75 million visitors annually. The hotel also benefits from the business, education and healthcare demand being close to the Orange County Convention Center, the University of Central Florida and AdventHealth Hospital.
“As a private investment firm with a long-term horizon, we are delighted to enter the dynamic Orlando hospitality market with a strong-performing asset featuring a wonderful team, a brand in a league of its own, and considerable upside potential,” David Li, managing principal of Leo Capital, said in a statement. “We plan to refresh and modernize the hotel’s expansive public space and guestrooms within the next 18 months, further enhancing its vibrancy amidst its competition.”
The Embassy Suites Orlando International Drive ICON Park has 246 guestrooms and complimentary high-speed internet, flat-screen TVs and spacious desks. There is an in-house cocktail lounge and a 24-hour gourmet market, as well as an on-site fitness center, business center and indoor/outdoor pool access.