Marcus & Millichap announced the sale of Ramada Inn, a 223-room hotel property located in Kissimmee, according to Ryan Nee, regional manager of the firm’s Fort Lauderdale office.
The hotel sold for $10.5 million.
Christopher Passeggiata, David M. Greenberg, Ely Silverstein, and Gabriel Shamay, investment specialists in Marcus & Millichap’s Fort Lauderdale office, had the exclusive listing to market the property on behalf of the seller, an investor based out of Canada. The buyer, located out of California, was also secured and represented by Passeggiata, Greenberg, Silverstein, and Shamay.
Ramada Inn is located at 4018 W Vine St in Kissimmee. Built in 1988, it consists of a 5-story and 3-story building and an on-site restaurant. For the last two years, the Ramada Inn remained vacant due to complications from COVID-19 and absentee ownership.
“Our sellers tasked us with marketing a vacant hotel that had been out of operation, shut down for years, and completely fenced off. Our marketing campaign was successful in targeting not only hotel buyers but, due to favorable zoning rules, also multifamily investors who could reposition the property as a full-fledged apartment complex,” said Passeggiata.
Shamay added, “Strong population growth in the Orlando MSA and an influx of capital/investors looking to place equity helped us create a perfect storm, build a competitive process and generate multiple offers for our Canada-based seller.”
The buyer, a California-based group, plans to invest significant capital into repositioning the property as a multifamily complex.
“We are excited to see the buyers execute a business model that will help reduce the burden of an ongoing housing crisis and improve the overall community,” noted Passeggiata.
Get the latest industry news and information from CRE-sources delivered right to your email inbox!
And we promise…no more than one email each morning.