ORLANDO, Fla. — Editor’s note: This story is available as a result of a content partnership between WFTV and the Orlando Business Journal.
One of Orlando’s luxury hotels has changed hands in a huge sale.
The Four Seasons Resort Orlando at Walt Disney World Resort was sold for a whopping $610 million in cash — or $1.4 million per key to Host Hotels & Resorts Inc., a Bethesda, Maryland-based lodging REIT.
Host Hotel also owns the 2004-room Orlando World Center Marriott.
The cost per room Host paid is notable as the average per room cost to develop luxury hotels is $675,000, said a U.S. Hotel Development Cost Survey from New York-based hospitality consulting firm HVS.
That includes land, building and site improvements, interior buildout, fees pre-opening and working capital and more.
The 444-room Four Seasons hotel opened in 2014 and was developed/owned via a joint venture of Four Seasons Hotels & Resort, Dune Real Estate Partners and Silverstein Properties Inc., said Silverstein’s website.
Cox Media Group