Buena Vista/UrbanAmerica Acquire Orlando Hotel
Buena Vista Hospitality Group/UrbanAmerica Joint Venture Acquires 1,100-Room Orlando Resort Resort l
ORLANDO, September 28, 2006. Buena Vista Hospitality Group, an international resort development and management company, and its joint venture partner, UrbanAmerica, a national real estate private equity firm, have acquired the Sheraton World Orlando Resort. The 1,100-room property, located on International Drive in the heart of Orlando's Convention area, will be renamed the International Plaza Resort & Spa.
"We're delighted to partner with Buena Vista Hospitality Group on our first venture in the condo-hospitality marketplace," said UrbanAmerica President and CEO, Richmond McCoy. "The International Plaza Resort & Spa is a welcome addition to our large existing portfolio in Florida, currently valued at $150 million, representing approximately 1.5 million square feet of real estate in nine cities."
"We welcome UrbanAmerica as our partner," said Mike Frost, CEO of Buena Vista Hospitality Group. "We know we can look forward to great success with UrbanAmerica, which has been active in many Florida markets since 2000."
The International Plaza Resort & Spa will remain open as the partnership plans for the re-branding of the resort as a luxury, tropically-themed destination condo-hotel. The property, which is next door to Sea World Orlando, two minutes from the Orlando Convention Center and only minutes from the city's other major attractions, includes a restaurant and deli, 3 swimming pools, a fitness center, spa, business center, two children's pools, playground and miniature golf course.