ORLANDO Area Property Partners and Winston Harton Holdings LLC announce the purchase and planned US$25 million redevelopment of the 489-key Sheraton Safari Hotel and Suites Lake Buena Vista.
Terms of the transaction were not disclosed. Extensive improvements of the facility are scheduled to begin immediately, with completion anticipated by spring 2012. The property will remain a Sheraton. Aimbridge Hospitality has been awarded the management contract and CAM Hospitality Advisors & Management represents the ownership team.
The impending US$50,000 per room renovation will encompass a pool complex, expanded conference facilities and revamped guestrooms and family suites, as well as a new fitness center, upgraded contemporary restaurant and an update to all public spaces.
Interior design firm Looney & Associates leads the redesign, assisted by local architect Baker Barrios. Rida Development Corp. is overseeing the redevelopment, and Welbro Construction is handling the construction.
“We are very pleased to conclude this transaction and to be part of the redevelopment of Sheraton Safari Hotel and Suites,” says Area partner Randy Torres. “It is an opportune time to reposition and reestablish the hotel as the Orlando hospitality market continues its recovery.”
The hotel, located about five miles from Walt Disney World, offers a safari-themed decor throughout the hotel.