Hospitality group GF Management’s affiliate, ESLBV Property Owner has acquired the Embassy Suites Orlando-Lake Buena Vista hotel in Florida, US.
Following the transaction, the 334-room hotel will maintain its affiliation with the Embassy Suites brand and will undergo a modernisation process costing over $13m over the next 12 months.
The Embassy Suites Orlando-Lake Buena Vista is the second Hilton branded acquisition this year for GF Management.
Located at Lake Street in Orlando, the hotel is in close proximity to Walt Disney World Resort and minutes away from Sea World Orlando and Universal Studios Orlando.
GF Management development senior vice president Jeffrey Kolessar said the Embassy Suites Orlando-Lake Buena Vista will be a defining acquisition for the company.
"We have long been known for our third-party management services, and while that continues to be a successful business model for us, we continue our focus on efforts to grow the company by identifying ownership opportunities that fit into our investment criteria," Kolessar added.
Embassy Suites Orlando-Lake Buena Vista features 334 two-room suites with refrigerator, microwave, sofa bed and other modern in-room amenities, as well as event space for about 230 guests.
The hotel also has Embassy Suites hotel signature amenities including cooked-to-order breakfast and a nightly Complimentary Evening Reception; other amenities include tennis courts, indoor/outdoor pools, sand volleyball and a fitness centre.
HREC Investment Advisors acted as the negotiator for the transaction.
Embassy Suites Hotels brand performance support vice president Alan Roberts said the company is excited for GF to move forward with the renovation planned for the property.
"GF is a valued owner and operator of several Hilton Worldwide branded properties, and we are confident in the quality level of service and overall guest experience they will produce in Lake Buena Vista," Roberts added.
Currently, GF Management operates 19 hotels under the Hilton Worldwide family of brands, including three Embassy Suites, and its managed portfolio consists of 132 hospitality assets in 34 states, comprising over 20,025 rooms.