NATIONAL REPORT—Hotel ownership is changing across the country, from warm climates to cold. Here’s a look:
A New Owner for CoCo Key Hotel and Water Resort
Marcus & Millichap sold the CoCo Key Hotel and Water Resort, a 396-room hospitality property on International Dr. in Orlando, FL. Built in 1970, the 9.4-acre CoCo Key Hotel and Water Resort is two miles from the Orange County Convention Center and three miles from the Universal Orlando Resort. The property has a 54,000-sq.-ft. canopy-covered/outdoor water park.
Sold: Marriott West Palm Beach, Florida
Hunter Hotel Advisors has assisted on the sale of the Marriott West Palm Beach, FL from one private investment firm to another. The new owners plan a renovation of the property.
Crescent Heights Sells 50% of The Mondrian South Beach
Crescent Heights has sold 50% of the Mondrian South Beach hotel to investor Michael S. Liebowitz for an undisclosed amount. Russell Galbut, managing principal of Crescent Heights, will retain 50% ownership of the Mondrian South Beach, and Menin Hospitality will continue to manage and operate the property.
The sale will see Galbut and Liebowitz as managing members of the hotel and introduce new opportunities for the property in 2020. Together, the two plan to play an active role in enhancing the customer experience while staying true to Menin Hospitality brand standards.
Holiday Inn Club Vacations Acquires The Ridge Resorts
Holiday Inn Club Vacations Incorporated has acquired The Ridge Resorts, a multifaceted 11-acre timeshare property with 378 units located in Stateline, NV. The ski resort has direct access from the property to Heavenly Mountain Resort, a popular South Lake Tahoe skiing destination. Under previous ownership, The Ridge Resorts has operated as four different properties: The Ridge Tahoe, The Ridge Pointe, The Ridge View and The Ridge Crest; however, in late 2020, the entire resort will be branded as Holiday Inn Club Vacations Tahoe Ridge Resort and begin operating as one resort.
HREC Arranges Sale of Holiday Inn Wilkes Barre East Mountain
HREC Investment Advisors has arranged the sale of the 152-guestroom Holiday Inn Wilkes Barre East Mountain located in Wilkes Barre, PA. The property was acquired by Regal Hospitality, a Columbus, OH-based firm. HREC Investment Advisors represented the seller Plains Hotel Associates, a Pennsylvania Limited Partnership.