Monarch Alternative Capital Grows Orlando Hospitality Portfolio With Acquisition of Three Hotels
Monarch Alternative Capital LP, a leading investment firm with approximately $9.4 billion of assets under management, announced the purchase of three hotels in Orlando, Florida. Given the firm's established reputation within the market, Monarch was able to acquire the newly-built, high quality properties located in Orlando submarkets adjacent to Monarch's existing hotels at a discount to replacement cost in off-market transactions.
With these acquisitions, Monarch's hospitality portfolio in Orlando now totals approximately 2,000 keys across seven properties. As the Orlando market continues to show encouraging signs of economic recovery, these hotel purchases exemplify Monarch's ability to identify and invest in premium properties in an attractive and dynamic market that is poised to outperform as the business cycle evolves.
Monarch purchased the Aloft Orlando ("Aloft") and the Holiday Inn Express & Suites Orlando ("Holiday Inn Express"), both located in the Lake Buena Vista submarket within close proximity to Disney World. In addition, the firm acquired the TownePlace Suites Orlando ("TownePlace Suites") located in the Universal Studios submarket. In aggregate, the three properties represent over 430 keys. Relative to other limited-service hotels, each asset offers a high-end room product, multiple food and beverage options, an outdoor swimming pool, and an on-site fitness center. In addition, the Aloft and Holiday Inn Express combined have over 2,700 square feet of meeting and banquet space, which can be used for additional events, special occasions, and business needs.
The three newly acquired properties are located near or along International Drive providing guests with easy access to nearby major attractions, including Disney World theme parks, the Orange County Convention Center, SeaWorld and Universal Studios. Bo
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