The Real Deal Miami

Miami Beach firm brokers $23M Orlando hotel sale

GLT said the hotel near Universal Studios sold for about $76,400 per key

January 30, 2016 10:00AM

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The Four Points by Sheraton in Orlando

The Four Points by Sheraton in Orlando

Miami Beach-based GLT Group Brokerage announced the sale of a hotel near Universal Studios in Orlando for $23 million.

GLT said the buyer is a Tampa-based private individual who paid about $76,400 per room for the 301-room Four Points by Sheraton Orlando Studio City.

GLT represented the buyer and procured the seller, an out-of-state hotel group.

The buyer plans a multi-million-dollar project to renovate and upgrade the 21-story hotel, which has been flagged under Starwood’s Four Points by Sheraton since 2007.

“It was a quick closing, which indicated the strength of the buyer,” Sean Shahar A. Ziv, president of GLT Group Brokerage, said in a press release. He also said the transaction reflected the strength of the market: The Orlando market “has evolved since the downturn and has become exciting for many investors due to its reputation for local and foreign visitors.”

The hotel is located at 5905 International Drive directly across from Universal Studios.