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3420 Lake Lynda Drive

Lodgco Hospitality Acquires Fairfield Inn & Suites In Orlando For $21.25M
SOLDHotel

Lodgco Hospitality Acquires Fairfield Inn & Suites In Orlando For $21.25M

3420 Lake Lynda Drive

$21,250,000

Building Size

Asset Type

Hotel

Closing

Dec 14, 2023

AI

Marcus & Millichap has sold a 112-room Fairfield Inn & Suites located at 3420 Lake Lynda Drive in Orlando for $21.25 million. The buyer, Lodgco Hospitality, based in Grand Rapids, MI, acquired the hotel from HG Management. The property, situated near the University of Central Florida, is an asset type of a hotel and is expected to undergo a $1.9 million post-closing renovation.

Summary of transaction details

  • Property Type: Hotel
  • Transaction Amount: $21,250,000
  • Address: 3420 Lake Lynda Drive, Orlando
  • Market: Orlando
  • Buyer: Lodgco Hospitality - Ann Kelly
  • Seller: HG Management
  • Brokers: Leo Reilly & Robert Hunter - Marcus & Millichap

According to Robert S. Hunter, Senior Vice President at Marcus & Millichap, the sale highlights the resilience of stable hotels in strong Florida submarkets. The acquisition by Lodgco Hospitality demonstrates confidence in the Orlando market and the potential for future growth in the area.

Players

Robert Hunter

Marcus & Millichap

Broker

$190.4M

vol

18 deals

Broker

Lake Hotel Market Snapshot

Boundary boundary · Hotel · Sale transactions

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Purchase Price

Annual NOI

Loan Amount

Interest Rate (%)

Loan Term (yrs)

Down Payment (%)

Cap Rate

0.75%

Cash-on-Cash

-0.21%

Monthly Payment

$14,164

Annual Debt Svc

$169,964

Annual Cash Flow

$-11,334

DSCR

0.93