ORLANDO, Fla., April 27, 2022 /PRNewswire/ -- Tishman Realty and Cross Lake Partners announced they have acquired the Wyndham Grand Orlando Bonnet Creek, a 400-room upper upscale hotel located at 14651 Chelonia Parkway in Orlando, Florida. The seller of the hotel was Wyndham Hotels & Resorts (NYSE: WH). HEI Hotels & Resorts, one of the top hospitality management companies in the U.S. with over 85 hotels under management, will assume property management of the hotel which was previously managed by the seller.
Built in 2011, the 14-story full-service hotel consists of 400 guestrooms, 50,000sf of event space, a resort spa, a fitness center, and multiple food and beverage outlets. The hotel is situated in Bonnet Creek, a private development of four hotels bordered by Walt Disney World on three sides. The hotel is located within two miles of Disney's Hollywood Studies, Epcot, and the Disney Springs entertainment and retail emporium and in close proximity to the other major theme parks including Disney's Magic Kingdom and Universal Studios.
The hotel is well positioned to benefit from the Orlando market's ongoing recovery from the pandemic and significant investment in the tourism industry. The Orlando hotel market has started to see a strong rebound in leisure demand post pandemic. Recently opened and planned expansions to the theme parks are expected to drive growth in park attendance for the next several years. At the same time, Orlando has made substantial investments in infrastructure such as the Orlando International Airport, the highways, and passenger rail to accommodate significant growth in the area's capacity for leisure, business and convention visitors. The return of events and conferences to the Orlando market will also benefit this property as its flexible meeting space can accommodate a wide range of group sizes.
"Tishman Realty has been investing in the Orlando market for over 40 years. The acquisition of the Wyndham Grand Orlando Bonnet Creek brings our hotel room count in the Orlando market to more than 4,100 keys. The property's institutional quality, location, product and size fits perfectly in between our larger, convention center hotels and our smaller limited-service hotels in the market," stated David Rothenberg, President of Tishman Realty. "We have experienced first-hand the resiliency of the Orlando market through multiple market cycles, including the COVID-19 Pandemic, and are excited to continue expanding our footprint in the market."
"The acquisition represents Cross Lake's first hotel investment in Orlando since we sold the Ritz Carlton and JW Marriott Grande Lakes several years ago. This property's institutional quality and strong location at the front door to the theme parks provides a unique opportunity to benefit from the nascent rebound in demand as the world recovers from the pandemic," stated Jon Shumaker, Co-Managing Partner for Cross Lake Partners. "In addition to the market opportunity, we believe there is a unique opportunity to reposition this particular asset to drive operating performance beyond the cyclical recovery."
Jones Lang LaSalle ("JLL") arranged the sale of Wyndham Grand Orlando Bonnet Creek on behalf of the seller Wyndham Hotels & Resorts.
About Tishman Realty:
Tishman Realty is a vertically integrated real estate owner, operator, developer and advisor with a current portfolio of more than 5.5 million SF. Tishman Realty is comprised of a diversified staff of experienced real estate, financial and hotel management specialists, and is complemented by a technical staff of architects, engineers and construction management professionals. Tishman Realty typically manages all components of its projects and acquisitions, from feasibility, design, budgeting, financing and development management to ongoing property and asset management. Tishman Realty has developed, managed and advised on more than 35 million square feet of all types of real estate - including more than 50,000 hotel rooms, plus convention centers, retail, residential and office.
About Cross Lake Partners LP
Cross Lake Partners is an independent, privately held real estate investment firm based in New York City with approximately $1 billion in assets under management. The founders have worked together since 2004 and collectively have more than 50 years of real estate investing experience across a broad array of real estate asset classes. Over their careers, the founders of Cross Lake have led real estate transactions with an aggregate asset value in excess of $20 billion. Cross Lake pursues a value driven, disciplined approach to investing in the top 30 growth markets of the U.S. For more information, please visit www.crosslakepartners.com.
About HEI Hotels & Resorts
HEI Hotels & Resorts, headquartered in Norwalk, Conn., is a leading hospitality investment and management company that owns or operates 85+ luxury, upper-upscale and upscale independent and branded hotels and resorts throughout the United States. The company is renowned for its commitment to its associates, revenue management, profit contribution and empirically based real estate value creation, driven by a full complement of proprietary software tools to set and exceed targets on a fully integrated basis. HEI works hand-in-hand with institutional capital partners on existing assets under management as well as sponsored acquisition opportunities. To learn more about HEI, please visit www.heihotels.com
SOURCE Tishman Realty; Cross Lake Partners