CBRE Hotels Sells Sheraton Orlando Downtown Hotel

Orlando, Florida – March 4, 2014 – CBRE Hotels has arranged the sale of the 291-room Sheraton Orlando Downtown for an undisclosed amount. Robert Taylor of CBRE Miami and Ron Danko of the firm’s New York City office exclusively represented the seller. The hotel was acquired by Alena Hospitality of Orlando, which plans to comprehensively renovate and reposition to Marriott’s Renaissance brand.

The Sheraton is located at 400 West Livingston Street just off of Interstate 4 in the heart of Downtown Orlando’s business and entertainment district. The downtown is experiencing a historic arts-and-entertainment renaissance as a result of the development of three state-of-the-art community venues, including the new Amway Center that opened in 2010, which is walking distance from the hotel; the $386 million Dr. Phillips Center for Performing Arts, scheduled to open in 2014; and the 68-acre Creative Village, adjacent to the hotel. Other downtown developments include an upgraded Florida Citrus Bowl as well as a new soccer stadium between the Citrus Bowl and the Amway Center, as well as major infrastructure improvements to I-4 and Sun Rail that will improve  access to the hotel.

As the anchor for the City of Orlando's Creative Village redevelopment project, the Sheraton Orlando Downtown represents a unique value-add opportunity, according to CBRE Hotel’s Robert Taylor

“The downtown Orlando market has evolved and remains exciting for many investors,” he said. “Alena Hospitality had  tremendous experience in the Orlando market and had the vision to work with the city on the land lease, while purchasing the asset and eventually repositioning the asset with a stronger, full-service flag. We had tremendous interest in the Orlando market due to its global reputation for visitors and investors alike.”

“The transaction had multiple twist and turns,” added Ron Danko. “However, the Alena team never wavered and through a collective effort and cooperation by all parties involved we closed the transaction as planned.”

CBRE Hotels is a specialized advisory group within CBRE Group, Inc. providing brokerage, valuation and capital markets services to companies in the hotel sector. CBRE Hotels is comprised of over 150 dedicated hospitality professionals located in 37 offices across the globe. For more information, please visit our website at www.cbrehotels.com.

About CBRE Group, Inc.
CBRE Group, Inc. (NYSE:CBG), a Fortune 500 and S&P 500 company headquartered in Los Angeles, is the world’s largest commercial real estate services and investment firm (in terms of 2013 revenue). The Company has approximately 44,000 employees (excluding affiliates), and serves real estate owners, investors and occupiers through approximately 350 offices (excluding affiliates) worldwide. CBRE offers strategic advice and execution for property sales and leasing; corporate services; property, facilities and project management; mortgage banking; appraisal and valuation; development services; investment management; and research and consulting. Please visit our website at www.cbre.com.