HOUSTON—HVS Brokerage & Advisory announces the sale of the 113-key Quality Inn & Suites by the Parks, located at 2945 Entry Point Boulevard, Kissimmee, Florida 34747.
The property, built in 1989, was purchased for $10,550,000 by Sarasa Hotels Ltd., based in Chūō-ku, Osaka, Japan, from Rosemont Hotels Inc., based in Orlando, Florida.
Alex Ekbatani, President of Rosemont Hotels, commented, “I’ve had a long-standing relationship with Kathy Conroy and her team at HVS. It’s been a pleasure working with various HVS Divisions over the years. As our focus shifts to upscale hotels, it made sense to divest this asset, our first US hotel. The HVS Brokerage & Advisory team did an excellent job marketing the hotel and focusing their efforts on international buyers. Through their industry relationships, a Japanese buyer was secured and closed the transaction in less than two months, despite all the recent challenges with coronavirus. Without their creative thinking, it would have been difficult to get this deal done. I wish the buyer every success with this hotel.”
“Alex and his partners are important clients to the firm, and we are happy to help them with the sale. This was an excellent team effort leveraging three different HVS offices across the U.S. to sell this property. Our national marketing campaign yielded a significant amount of buyer interest, given the high-quality asset and strong location. We had over 100 confidentiality agreements within a few weeks. Despite the financial markets in turmoil due to coronavirus toward the end of the process, we overcame several obstacles to bring it to a positive conclusion,” said Eric Guerrero, Managing Director of HVS.
The property is well located along U.S. Highway 192, a short drive from the area’s top demand generators, including Walt Disney World Resort, Margaritaville, and the ESPN Wild World of Sports. The property is also proximate to several golf courses, two waterparks, and additional entertainment venues.
HVS Brokerage & Advisory team members Eric Guerrero, Kathy Conroy, Ben Levin, James Rebullida, and Fadi Rawashdeh participated in this transaction. Kathy Conroy severed as the Florida broker of record for HVS, and the buyer was represented by Candace Stottle with GREY Brokerage & Project Management.