UrbanAmerica Forms JV Partnership for Resort & Spa in Orlando
APRIL 4, 2007. UrbanAmerica, a national private equity investment firm, is searching for new hospitality investment opportunities throughout the United States, after a strong start in Orlando, Florida. UrbanAmerica's first venture in the condo-hospitality marketplace, the International Plaza Resort & Spa, a joint venture with Buena Vista Hospitality Group, is currently undergoing a multi-million dollar face lift to begin its conversion into a premier condo-hotel destination.
"The International Plaza Resort & Spa is a welcome addition to our existing national portfolio of properties located throughout the United States, as well as our portfolio of properties in Florida, which represents approximately 1.5 million square feet of real estate in nine Florida cities," said UrbanAmerica President and CEO Richmond McCoy.
"This acquisition is a great springboard to our future hospitality success," said McCoy. "We believe it will be the first of many UrbanAmerica hospitality ventures. We're strategically seeking out additional hospitality ventures and acquisition opportunities at this time, not just in Florida but all across the nation."
The International Plaza Resort & Spa will remain open for the re-branding of the resort as a luxury, Eastern-inspired condo-hotel. The property, which is located next door to Sea World Orlando and only minutes away from the Orlando Convention Center and other major attractions, includes a restaurant and deli, three swimming pools, a fitness center and spa, a business center, two children's pools, a family-friendly playground and a miniature golf course.
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