TAMPA, Fla., March 28, 2005 (PRIMEZONE) -- The Plasencia Group, Inc., the leading hospitality transaction and consulting services firm, representing owners of hotels, resorts, and golf courses, has been selected to market and sell three Orlando area hotels comprising over 900 rooms. The three transactions will be overseen by Sun Hospitality Advisors, a Division of The Plasencia Group, Inc.
The assets being offered are:
-- The 218 room I-Drive Inn on International Drive in Orlando.
This limited service, interior corridor hotel was previously
affiliated as a Holiday Inn Express. The property benefits from
its central location in one of Orlando's best submarkets.
-- The 391 room Ramada Inn Maingate West on Highway 192 in
Kissimmee: This 2-story, exterior-corridor hotel is
attractively priced. The property represents a classic
turnaround opportunity, and it is well positioned to benefit from
the continued strong rebound of the Orlando lodging market.
-- The 295 unit Holiday Inn Maingate West on Highway 192 in
Kissimmee: This 6-story, exterior corridor, mid-rise hotel
possesses all the attributes of a resort destination property.
This hotel is one of the more appealing properties to be placed
on the Orlando hotel market in several years.
Each of these assets is well positioned to benefit from the significant upturn in business that the Orlando market is experiencing, according to Robert O'Leary, newly appointed Vice President of Sun Hospitality Advisors' Southeastern Region.
"All signs point to the first three months of 2005 being a record quarter for Orlando," said O'Leary. "However, the hotels remained priced to sell on a trailing revenue basis. This dynamic creates an attractive opportunity for prospective buyers."
The Plasencia Group, Inc. created Sun Hospitality Advisors in order to deliver the same level of resources, contacts, customer service and results to the midscale and economy hotel segments (under $12 million) that The Plasencia Group is well known for delivering to clients with hotels valued between $20 million and $75 million dollars, O'Leary added.
Founded in 1993, The Plasencia Group, Inc. (www.tpghotels.com) is the leading hospitality transaction and consulting services firm representing owners of hotels, resorts, and golf courses. The Plasencia Group, Inc. has provided personalized, valued-added investment opportunities and services to clients such as CIGNA (NYSE:CI), Host Marriott Corporation (NYSE:HMT), MeriStar Hospitality Corporation (NYSE:MHX) and Metropolitan Life Insurance Company (NYSE:MET). With regional offices in Tampa, Chicago, Dallas, Hartford, Houston, Little Rock, Providence and San Diego, The Plasencia Group, Inc. offers a full range of value-added solutions, including transactions, property valuation analysis, financial and strategic planning, asset management and disposition, and proprietary industry research.