{"id":1004139003,"date":"2016-03-10T10:13:26","date_gmt":"2016-03-10T18:13:26","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004139003"},"modified":"2022-03-03T19:51:31","modified_gmt":"2022-03-04T03:51:31","slug":"paradise-group-acquires-embassy-suites-by-hilton-orlando-downtown-for-26-million","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/paradise-group-acquires-embassy-suites-by-hilton-orlando-downtown-for-26-million\/","title":{"rendered":"Paradise Group Acquires Embassy Suites by Hilton Orlando Downtown for $26 Million"},"content":{"rendered":"

By Robert Demeter<\/em><\/p>\n

\"Embassy<\/a>

Embassy Suites by Hilton Orlando Downtown<\/p><\/div>\n

Orlando<\/strong>\u2013Holliday Fenoglio Fowler L.P.<\/a>, recently announced that it has closed the sale of Embassy Suites by Hilton Orlando Downtown. The firm represented Norwalk, Conn.-based HEI Hotels & Resorts,<\/a> which sold the 167-key hotel to Paradise Group<\/a> for $26 million.<\/p>\n

The purchase marks Korea-based Paradise Group\u2019s first acquisition in the United States. Paying just under $155,689 per key, the company bought the asset free and clear of debt and aims to implement a significant property improvement plan to enhance the customer experience and the asset\u2019s ability to compete in the market.<\/p>\n

Opened in 2000 and located at the intersection of East Pine Street and Rosalind Avenue, overlooking Lake Eola in downtown Orlando, the full-service, all-suite hotel includes eight executive suites and two presidential suites. The property features 6,850 square feet of indoor meeting space with an additional 3,000 square feet of flexible pre-function space, outdoor pool, fitness center, business center, complimentary evening reception and the full-service Eola Caf\u00e9 restaurant. The hotel is within walking distance of restaurants, shopping, nightlife, two SunRail train stops, popular downtown entertainment destinations, including the Amway Center and Dr. Phillips Center for the Performing Arts and only a 25-minute drive from the airport.<\/p>\n

The HFF investment sales team was led by Daniel Peek, senior managing director and head of HFF\u2019s hotel group, as well as Michael Weinberg, director, and Preston Reid, associate director.<\/p>\n

\u201cIt\u2019s exciting to see foreign capital flow into Central Florida and the downtown Orlando submarket. This was Paradise\u2019s first U.S. investment, so it was good to be able to facilitate the transaction with a new entrant into the market,\u201d Weinberg said in prepared remarks.<\/p>\n

The hotel will be managed by the BayStar Hotel Group<\/a>, a privately held company specializing in hotel management, development and consulting, which is known for their work with Hilton, Holiday Inn and Embassy Suites hotels.<\/p>\n

Image courtesy of\u00a0Embassy Suites by Hilton.<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"

In a $26 million deal arranged by HFF, HEI Hotels & Resorts sold the 167-key Embassy Suites by Hilton Orlando Downtown to Korea-based Paradise Group.<\/p>\n","protected":false},"author":59,"featured_media":1004139135,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21743,21825,21751,21783,21742,1493],"tags":[],"class_list":["post-1004139003","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-deals","category-finance","category-hotel","category-investment","category-latest","category-orlando"],"acf":[],"yoast_head":"\nParadise Group Acquires Embassy Suites by Hilton Orlando Downtown for $26 Million - Commercial Property Executive<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.commercialsearch.com\/news\/paradise-group-acquires-embassy-suites-by-hilton-orlando-downtown-for-26-million\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Paradise Group Acquires Embassy Suites by Hilton Orlando Downtown for $26 Million\" \/>\n<meta property=\"og:description\" content=\"In a $26 million deal arranged by HFF, HEI Hotels & Resorts sold the 167-key Embassy Suites by Hilton Orlando Downtown to Korea-based Paradise Group.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.commercialsearch.com\/news\/paradise-group-acquires-embassy-suites-by-hilton-orlando-downtown-for-26-million\/\" \/>\n<meta property=\"og:site_name\" content=\"Commercial Property Executive\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/CPExecutive\" \/>\n<meta property=\"article:published_time\" content=\"2016-03-10T18:13:26+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2022-03-04T03:51:31+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2016\/03\/Embassy-Suites-by-Hilton-Orlando-Downtown.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1100\" \/>\n\t<meta property=\"og:image:height\" content=\"528\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Robert Demeter\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@cpexecutive\" \/>\n<meta name=\"twitter:site\" content=\"@cpexecutive\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/paradise-group-acquires-embassy-suites-by-hilton-orlando-downtown-for-26-million\\\/#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/paradise-group-acquires-embassy-suites-by-hilton-orlando-downtown-for-26-million\\\/\"},\"author\":{\"name\":\"Robert Demeter\",\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/#\\\/schema\\\/person\\\/1b890baecdbd25af52e3a730ac8cff6f\"},\"headline\":\"Paradise Group Acquires Embassy Suites by Hilton Orlando Downtown for $26 Million\",\"datePublished\":\"2016-03-10T18:13:26+00:00\",\"dateModified\":\"2022-03-04T03:51:31+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/paradise-group-acquires-embassy-suites-by-hilton-orlando-downtown-for-26-million\\\/\"},\"wordCount\":343,\"commentCount\":0,\"image\":{\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/paradise-group-acquires-embassy-suites-by-hilton-orlando-downtown-for-26-million\\\/#primaryimage\"},\"thumbnailUrl\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/wp-content\\\/uploads\\\/sites\\\/46\\\/2016\\\/03\\\/Embassy-Suites-by-Hilton-Orlando-Downtown.jpg\",\"articleSection\":[\"Deals\",\"Finance\",\"Hotel\",\"Investment\",\"News\",\"Orlando\"],\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/paradise-group-acquires-embassy-suites-by-hilton-orlando-downtown-for-26-million\\\/#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/paradise-group-acquires-embassy-suites-by-hilton-orlando-downtown-for-26-million\\\/\",\"url\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/paradise-group-acquires-embassy-suites-by-hilton-orlando-downtown-for-26-million\\\/\",\"name\":\"Paradise Group Acquires Embassy Suites by Hilton Orlando Downtown for $26 Million - 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