KISSIMMEE, Fla., Oct. 27, 2020 – Marcus & Millichap (NYSE: MMI), a leading commercial real estate brokerage firm specializing in investment sales, financing, research and advisory services, announced today the exclusive listing for sale of two hospitality properties in Kissimmee, Florida: the 220-room Palazzo Lakeside Hotel and 169-room Magic Moment Resort. The combined listing price is $31.5 million.
“With over $6 million in renovations between both properties, these hotels are in marvelous condition,” said Ahmed Kabani, senior vice president investments in Marcus & Millichap’s Miami office. Kabani and Luis Garino, associate, have the exclusive listing to market the properties on behalf of the seller, a limited liability company. “The fact that both properties are unencumbered by a franchise creates an excellent opportunity for buyers who may want to approach these assets creatively and convert them as desired,” added Garino.
Palazzo Lakeside Hotel was renovated in 2019 and Magic Moment Resort in 2015. To date, all 389 rooms have been completely renovated. “The owners have created a fantastic ambiance inside these hotels,” commented Kabani. Both are located on Irlo Bronson Memorial Highway/U.S. Route 192 near Walt Disney World Resort, Universal Orlando Resort and SeaWorld Orlando. Lake Buena Vista Factory Stores are within a five-minute drive.
Built in 2000, the five-story, three-building Palazzo Lakeside Hotel is a boutique asset with views of Lake Cecile. Amenities include a kid’s club, playground, game room, outdoor pool, outdoor giant chess, lakeside beach, a water park for children and a gym.
The Magic Moment was built in 1975 and includes a four-acre land parcel that can be used for a future development or expansion. Amenities include a play area, game room, outdoor pool with a sundeck and cabanas, a gym and courtyard.
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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.