, Dec. 10, 2019 – Marcus & Millichap (NYSE: MMI)
, a leading commercial real estate investment services firm with offices throughout the United States and Canada, has announced the sale of the CoCo Key Hotel and Water Resort, a 396-room hospitality property on International Drive in Orlando, Florida.
“The buyer is an experienced South Florida-based hotel owner who has the opportunity to add value to this family-resort asset,” stated Ahmed Kabani, first vice president investments and senior director of Marcus & Millichap’s National Hospitality Group in Miami. “Investors from around the state and across the country target hospitality assets in Orlando for their strong performance, including occupancy and revenue per available room that are above national levels.” Kabani and Juan Alzate, associate, represented the buyer.
“The new owner understands the property’s intrinsic value and plans to bring in a new management team to ramp up operations,” commented Alzate. “Hospitality assets with large footprints in exceptional locations like this one are attractive investments that rarely trade hands.” Built in 1970, the 9.4-acre CoCo Key Hotel and Water Resort is two miles from the Orange County Convention Center and three miles from the Universal Orlando Resort. The property features a one-of-a-kind 54,000-square-foot canopy-covered/outdoor water park.
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About Marcus & Millichap (NYSE: MMI)
With more than 2,000 investment sales and financing professionals located throughout the United States and Canada, Marcus & Millichap is a leading specialist in commercial real estate investment sales, financing, research and advisory services. Founded in 1971, the firm closed 9,726 transactions in 2019 with a value of $49.7 billion. Marcus & Millichap has perfected a powerful system for marketing properties that combines investment specialization, local market expertise, the industry’s most comprehensive research, state-of-the-art technology, and relationships with the largest pool of qualified investors. To learn more, please visit: www.MarcusMillichap.com.