Regions Southeast | Orlando
Sept 22, 2008
Sunstone Hotels Investors Inc., after having shelled out millions for the ground lease at Renaissance Orlando Resort at SeaWorld since its acquisition of the hotel three years ago, can now claim the land as its own. The San Clemente, Calif.-based lodging REIT just acquired the underlying 32.6-acre parcel for $30.4 million. Situated directly across from SeaWorld theme park, the 778-room hotel was originally developed in 1984, and emerged from a $27 million renovation one year ago. The 10-story structure also features 185,000 square feet of meeting space and a fitness facility. The lease, which was entered into with SeaWorld/Anheiser-Busch when Sunstone purchased the Orlando Resort at SeaWorld, was scheduled to expire in 2073. Sunstone anticipates its total payout under the lease for 2008 will be approximately $2.8 million
Sunstone Hotels Investors Inc., after having shelled out millions for the ground lease at Renaissance Orlando Resort at SeaWorld since its acquisition of the hotel three years ago, can now claim the land as its own. The San Clemente, Calif.-based lodging REIT just acquired the underlying 32.6-acre parcel for $30.4 million. Situated directly across from SeaWorld theme park, the 778-room hotel was originally developed in 1984, and emerged from a $27 million renovation one year ago. The 10-story structure also features 185,000 square feet of meeting space and a fitness facility. The lease, which was entered into with SeaWorld/Anheiser-Busch when Sunstone purchased the Orlando Resort at SeaWorld, was scheduled to expire in 2073. Sunstone anticipates its total payout under the lease for 2008 will be approximately $2.8 million
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