A hotel facility and part of Sheraton flag of Starwood Hotels & Resorts Worldwide— has a new owner for the new year. WHH and AREA Property Partners acquired the hotel facility, Sheraton Safari Hotel and planned to have a $25 million renovation and redevelopment on it.
The transaction terms and the price for the hotel facility were not released by the parties involved.
But, according to a press release, an extensive redevelopment and renovations will begin immediately. Completion date for the hotel facility located at Lake Buena Vista Drive, Orlando, Florida.expected by spring 2012.
Renovations at the hotel facility will begin with a $50,000 a room reconstruction, including updated and expanded conference facilities, updated and new fitness center, beautifully renovated family suites and guest rooms, updated the contemporary lounge and restaurant, and then an updated common spaces inside the hotel.
According to Randy Torres, AREA partner, the company is pleased for their recent transaction, and said, that this is a suitable time to reestablish to reposition the hotel in Orlando real estate market.
The redevelopment of Sheraton Safari Hotel is said to be a part of Sheraton flag of Starwood Hotels & Resorts Worldwide revitalization campaign, worldwide.
AREA Property, an international real estate fund manager and Winston Harton Holdings, a real estate firm that acquires value-added, operationally intensive, and distressed real estate assets will make the renovation and redevelopment of Sheraton Safari Hotel possible.
The hotel facility, standing just minutes from Downtown Disney or Disney theme parks is said to offer easy access to entertainment options, restaurants, and shops in the district.