{"id":1004285009,"date":"2018-12-11T04:34:46","date_gmt":"2018-12-11T12:34:46","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004285009"},"modified":"2022-12-08T15:37:56","modified_gmt":"2022-12-08T23:37:56","slug":"trinity-investments-jv-buys-grande-lakes-orlando-resort","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/trinity-investments-jv-buys-grande-lakes-orlando-resort\/","title":{"rendered":"Trinity Investments JV Buys Grande Lakes Orlando Resort"},"content":{"rendered":"

By Scott Baltic, Contributing Editor <\/em><\/p>\n

\"Grande<\/a>

Grande Lakes Orlando Resort<\/p><\/div>\n

A new joint venture, made up of funds managed by Trinity Real Estate Investments LLC and funds managed by Elliott Management Corp., has acquired the 409-acre Grande Lakes Orlando Resort. The luxury complex features two hotels, including a 582-key Ritz-Carlton and a 998-key JW Marriott, and a Greg Norman\u2013designed 18-hole championship-caliber golf course.<\/p>\n

Financials on the deal were not disclosed, and Elliott Management did not respond to Commercial Property Executive<\/em>\u2019s request for additional information. The Orlando Business Journal<\/em>, however, reported that the acquisition was valued at about $900 million.<\/p>\n

The property is only a short drive from Orlando International Airport, the Orange County Convention Center and popular theme park attractions<\/a>. The resort includes 278,000 square feet of indoor and outdoor meeting space, 15 food and beverage outlets, a 40,000-square-foot spa with 40 treatment rooms, multiple swimming pools and additional sporting facilities.<\/p>\n

Both hotels carry a AAA four-diamond rating. And although both properties have undergone multimillion-dollar renovation projects since 2015, the joint venture partners plan to implement a multi-year capital improvement program that will include guestroom renovations and upgrades to the resort\u2019s ballroom, meeting spaces, water features and food offerings.<\/p>\n

A booming destination<\/h2>\n

The Orlando area hit a record for visitors in 2017 and in so doing became the first-ever U.S. destination to surpass 70 million tourists.<\/p>\n

The metro is looking at a 4 to 6 percent gain in guestroom count, based on roughly 7,000 guestrooms under construction as of mid-year, according to a second-half report from Marcus & Millichap. Occupancy remains strong, having jumped 280 basis points year-over-year to 79.7 percent in the second quarter. Meanwhile, ADR and RevPAR rose 5.7 and 9.4 percent, respectively, also according to Marcus & Millichap.<\/p>\n

Image via Google Street View<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"

In a partnership with Elliott Management, the company paid a reported $900 million to purchase the 400-plus-acre property, which includes two hotels and a Greg Norman\u2013designed golf course.<\/p>\n","protected":false},"author":882,"featured_media":1004285018,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21743,21808,21751,21783,21742,1493],"tags":[43310,34836,33877,33032,33329,34802],"class_list":["post-1004285009","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-deals","category-featured","category-hotel","category-investment","category-latest","category-orlando","tag-elliott-management-corporation","tag-marcus-millichap","tag-marriott","tag-revpar","tag-ritz-carlton","tag-trinity-investments"],"acf":[],"yoast_head":"\nTrinity Investments JV Buys Grande Lakes Orlando Resort - 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\/trinity-investments-jv-buys-grande-lakes-orlando-resort\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Trinity Investments JV Buys Grande Lakes Orlando Resort\" \/>\n<meta property=\"og:description\" content=\"In a partnership with Elliott Management, the company paid a reported $900 million to purchase the 400-plus-acre property, which includes two hotels and a Greg Norman\u2013designed golf course.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.commercialsearch.com\/news\/trinity-investments-jv-buys-grande-lakes-orlando-resort\/\" \/>\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=\"2018-12-11T12:34:46+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2022-12-08T23:37:56+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2018\/12\/Grande-Lakes-Orlando-Resort.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"800\" \/>\n\t<meta property=\"og:image:height\" content=\"620\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Scott Baltic\" \/>\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\":\"WebPage\",\"@id\":\"https:\/\/www.commercialsearch.com\/news\/trinity-investments-jv-buys-grande-lakes-orlando-resort\/\",\"url\":\"https:\/\/www.commercialsearch.com\/news\/trinity-investments-jv-buys-grande-lakes-orlando-resort\/\",\"name\":\"Trinity Investments JV Buys Grande Lakes Orlando Resort - 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