AWH PARTNERS, LLC AND BUILDING AND LAND TECHNOLOGY PURCHASE DOUBLETREE BY HILTON ORLANDO AT SEA WORLD

PARTNERSHIP ACQUIRES 1,004-ROOM ORLANDO RESORT IN AN OFF-MARKET ACQUISITION AND PLANS RENOVATIONS AND MEETING SPACE EXPANSION TO ADD VALUE

• 
  SAVE
• 
  SHARE
• 
  TEXT SIZE
• 
  PRINT
• 
  COMMENT
• 
  PDF

. May 29, 2015

NEW YORK (May 28, 2015) - AWH Partners, LLC, a privately held real estate investment, development and management firm, in partnership with Building and Land Technology, a privately held, vertically integrated, real estate private equity, development and property management firm, announce today the off-market acquisition of the 1,004-room DoubleTree by Hilton Orlando at Sea World. This is the second hotel acquisition for the partnership following the acquisition of the 536-room Dallas Westin Park Central. The firms plan to add value through extensive renovations to guest rooms, meeting space, public areas and resort grounds, and will add approximately 30,000 square feet of upgraded facilities and premier ballroom space to enhance the hotel's conference center. AWH Development will oversee the renovations and Spire Hospitality will manage operations under a franchise agreement with Hilton Worldwide (NYSE: HLT).

“AWH is delighted to make our second investment in Orlando and our second deal with BLT following the Dallas Westin Park Central transaction. This opportunity comes at an attractive basis, with a terrific brand, and is an opportunity to apply the combined experience and leadership of our development and operation teams,” says Chad Cooley, principal of AWH Partners.

“We are excited about our second acquisition with AWH Partners. Together, we have crafted a compelling value-add strategy for the asset and believe the property will be very well received in the marketplace once the improvements are complete,” says Carl R. Kuehner, III, chief executive officer of Building and Land Technology.

Currently featuring 60,000 square feet of meeting and event space, the resort presents a myriad of choices for group business combined with leisure travel. Suitable for low-key executive retreats, sales meetings or once in a lifetime celebrations, DoubleTree by Hilton Orlando at Sea World has an in-house, top-of-the-line A/V and IT service team. The partnership's planned addition of space at the resort's conference center will significantly expand capacity for meetings and events, featuring 30,000 square feet in several large ballrooms, an outdoor event pavilion and pre-function spaces.

“This full-scale resort is an attractive, cash-flowing asset in a market that consistently attracts both leisure and commercial travelers,” says Jonathan Rosenfeld, principal of AWH Partners. “This investment is consistent with our aggressive strategy to expand into large markets with hotels that offer substantial meeting space and present an opportunity for value-add through renovation.”

Spanning 28 lush acres, DoubleTree by Hilton Orlando at SeaWorld is conveniently located adjacent to SeaWorld® and Aquatica, SeaWorld's Waterpark and just minutes away from Universal Orlando® Resort, Walt Disney World® Resort Theme Parks & The Orange County Convention Center. The resort offers L'Esprit Day Spa, three large, palm tree-lined swimming pools, including a relaxing lagoon pool and two children's pools. In addition, there is a kids' lounge and game area, miniature golf course and putting green, recreation center and seven dining outlets and options to accommodate a variety of culinary interests with live entertainment.

                                                     # # #
 

ABOUT AWH PARTNERS, LLC AWH Partners, LLC (“AWH”) is a privately held real estate investment, development and management firm formed by Russ Flicker, Jon Rosenfeld, Chad Cooley and Bernard Michael. Since 2010, AWH and its principals have amassed a portfolio in excess of $900 million. In early 2012, AWH acquired Lane Hospitality, a top-tier national hospitality platform formed in 1980, to expand AWH's capabilities in the hospitality sector by aligning its institutional investment expertise with Lane's first class operating platform and industry-leading executive team. In May of 2013, AWH rebranded Lane: Spire Hospitality. For more information, visit www.awhpartners.com.

ABOUT BUILDING AND LAND TECHNOLOGY Founded in 1982, Building and Land Technology is a privately held, vertically integrated, real estate private equity, development and property management firm. BLT has developed, owned and managed over five million square feet of commercial space and over 10,000 residential units. BLT's Real Estate Private Equity Group (the “Fund”) was launched in 2011 and has since raised a series of opportunistic funds. The Fund's investment structures include direct acquisitions, joint ventures, sponsor equity/co-investment capital, incentive management deals, participating debt, and preferred equity. The Fund's current portfolio spans 22 states with investments in the hotel, office, multifamily, single family rental and mixed-use sectors. For additional information please visit www.bltoffice.com.

ABOUT SPIRE HOSPITALITY Spire Hospitality, based in Chicago, Ill., is a third-party operator of 5,401 room keys and more than 350,000 square feet of meeting space in hotels including unique independents and across celebrated brands such as Hilton Hotels & Resorts, (IHG) InterContinental Hotels Group, (HOT) Starwood Hotels & Resorts and (MAR) Marriott International. Spire Hospitality offers expertise in all facets of hospitality management and is committed to preserving, protecting and enhancing the value of hotel real estate. For more information, visit www.spirehotels.com.

ABOUT DOUBLETREE BY HILTON With a fast-growing, global collection of more than 415 upscale hotels in gateway cities, metropolitan areas and vacation destinations across six continents, every little thing we do at DoubleTree by Hilton inspires us to create a rewarding experience for our hotel guests, our Team Members and the communities we proudly serve. Our hospitality begins with a warm chocolate chip cookie welcome upon arrival and continues with the award-winning Hilton HHonors guest loyalty program, an array of fine services and amenities and our longstanding CARE Culture tradition that empowers Team Members to provide the special comforts and acts of kindness that make the traveler feel human again.

To make reservations at any DoubleTree by Hilton hotel, travelers may visit our brand website at www.doubletree.com. Social media users may connect with us at www.facebook.com/doubletree, www.twitter.com/doubletree and www.youtube.com/doubletreehotels. For the latest news, story starters and fact sheets about our brand, reporters and bloggers may visit our DoubleTree by Hilton Global Media Center at news.doubletree.com.

ABOUT HILTON WORLDWIDE Hilton Worldwide (NYSE: HLT) is a leading global hospitality company, spanning the lodging sector from luxury and full-service hotels and resorts to extended-stay suites and focused-service hotels. For 95 years, Hilton Worldwide has been dedicated to continuing its tradition of providing exceptional guest experiences. The company's portfolio of twelve world-class global brands is comprised of more than 4,350 managed, franchised, owned and leased hotels and timeshare properties, with more than 720,000 rooms in 94 countries and territories, including Hilton Hotels & Resorts, Waldorf Astoria Hotels & Resorts, Conrad Hotels & Resorts, Canopy by Hilton, Curio - A Collection by Hilton, DoubleTree by Hilton, Embassy Suites Hotels, Hilton Garden Inn, Hampton Hotels, Homewood Suites by Hilton, Home2 Suites by Hilton and Hilton Grand Vacations. The company also manages an award-winning customer loyalty program, Hilton HHonors®. Visit news.hiltonworldwide.com for more information and connect with Hilton Worldwide at facebook.com/hiltonworldwide, twitter.com/hiltonworldwide, youtube.com/hiltonworldwide, flickr.com/hiltonworldwide, and linkedin.com/company/hilton-worldwide.