CBRE Hotels Arranges Sale Of 128-Key Lake Mary Asset

CBRE has arranged the sale of a La Quinta Inn & Suites by Wyndham Orlando Lake Mary, a 128-key hotel located at 1060 Greenwood Blvd. in Lake Mary.

Natalie Castillo and Austin LaPoten with CBRE Hotels represented both the seller and the buyer in the transaction.

“Hotel market fundamentals in southern U.S. metros like Orlando are some of the strongest performers on a trailing basis through 2023,” said CBRE’s Castillo. “The proximity of this hotel to some of the Orlando’s most prominent office and tourist locations coupled with the significant rise in daily airline passengers this year makes it a solid investment.”

The recently renovated hotel offers meeting rooms, a fitness center, 24-hour front desk service, on-site laundry facilities, and an outdoor swimming pool. La Quinta Lake Mary is located off Interstate 4 and is near Alaqua Country Club and Downtown Orlando. The Orlando International Airport, Walt Disney World Resort, the Central Florida Zoo and Universal Studio’s Islands of Adventure are all within 30 miles of the property.

Orlando’s hotel occupancy is expected to achieve 74.5% in 2023, nearing its pre-pandemic level of 76.2%, according to CBRE’s Q1 2023 edition of Hotel Horizons for the U.S. lodging industry. Additionally, revenue per available room (RevPAR) is expected to increase 7.4% year-over-year to $118.46 in 2023. The average daily rate (ADR) is also expected to increase to $159.08 in 2023, up 3.9% year-over-year.