AREA Property Partners and Winston Harton Holdings, LLC today announced the purchase and planned $25 million redevelopment of the Sheraton Safari Hotel and Suites on Lake Buena Vista Drive in Orlando, Fla. The seller and transaction price for the 489 key facility were not disclosed. Extensive improvements of the facility are scheduled to begin immediately, with completion anticipated by spring 2012, the firms said.
“We are very pleased to conclude this transaction and to be part of the redevelopment of Sheraton Safari Hotel and Suites,” said Randy Torres, AREA partner. “It is an opportune time to reposition and reestablish the hotel as the Orlando hospitality market continues its recovery.”
The $50,000 per room renovation will involve a pool complex, expanded and updated conference facilities, and revamped guestrooms and family suites, as well as a new fitness center, upgraded contemporary restaurant and lounge, and an update of all public spaces of the hotel.
The hotel, located near the Disney theme parks, will feature 393 guestrooms, 90 suites and six executive suites.
“A top team has been assembled to execute the Sheraton Safari’s redevelopment plan in this phenomenal location,” said Russ Flicker, managing partner, Winston Harton Holdings, LLC. “We are eager to create a strong presence in the Orlando market and look forward to great success with a revitalized property.”