Sheraton Orlando Acquired by Resolution Services and Glenmont Capital JV
NOVEMBER 24, 2009 - A joint venture comprised of affiliates of Glenmont Capital Management, LLC and Resolution Services LLC announced today its acquisition of the Sheraton Orlando Downtown from the property's lender. With 341 rooms and 20,000 square feet of meeting space, the hotel is Orlando's largest downtown hotel. Well situated in the heart of downtown, the property is also only a short drive from Universal Studios and conveniently located directly off Interstate 4. The property is currently open and will remain fully operational and continue to service both business and leisure travelers during certain anticipated capital projects. The Sheraton Orlando Downtown completed an extensive $10 million renovation recently, and the venture intends to invest an additional $4 million in the property to address a series of needed improvements.
“We are pleased that the lender recognized our team's ability to move quickly towards a closing, our collective depth of experience in the hotel industry, and Glenmont's institutional capital base,” said Lawrence A. Kestin, managing partner of Glenmont Capital Management. “These aspects allowed the lender to gain comfort in our surety to close and provided an opportunity for Glenmont to continue its investment strategy of selectively acquiring assets from lending institutions desirous of shedding their non-performing assets.”
Built in 1985, and fresh from its recent comprehensive renovation, the Sheraton Orlando Downtown is recognized for its contemporary lobby, bar and restaurant, well-appointed guest rooms and suites, 20,000 square feet of meeting space, the largest downtown ballroom, as well as two floors of concierge level accommodations with a private lounge area, and the largest swimming pool and pool deck in the area.
“We, along with our partners at Glenmont, are committed to this hotel and its clientele. Our combined expertise in the upscale and corporate hospitality sectors assures a seamless transition of ownership, and allow us to implement exciting plans for enhancing current operations, rebranding the hotel and forging desirable local partnerships,” stated Jay Litt, one of three founding partners of Resolution Services, LLC. “We see the enormous potential of this strategically situated property in a downtown business capital and urban residential center, centrally located to some of the world's top attractions and emerging industries.”
Edward Miller explained, “We are currently experiencing the fifth extreme downturn in the hospitality and real estate market since 1974, and our purpose is to acquire underperforming assets, and once acquired to protect and improve asset values and performance by implementing repositioning and operating strategies with sound financial terms.”
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