ORLANDO, FL— A portfolio of four hotels here has been sold by a national real estate lender and special servicer for $31 million. Four different entities bought the properties. Representing the undisclosed seller was Sun Hospitality Advisors, a division of the Plasencia Group, Inc. The portfolio totals 1,349 rooms and includes the 295-room Holiday Inn Maingate West in Kissimmee, FL; the 445-room Hawaiian Maingate Resort in Kissimmee; the 391-key Reedy Creek Resort Maingate; and the 218-key I-Drive Inn Orlando. The Holiday Inn will now be converted into a condominium hotel. The Hawaiian Maingate Resort will be converted into an Americas Best Value Inn following $3.5 million worth of renovations conducted by the new owner, a California-based investment group. The Reedy Creek Resort was sold to a Florida-based investment group and the Michigan-based hotelier that bought the I-Drive Inn will now renovate the asset at a cost of $2 million.
