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.