Marcus & Millichap, a commercial real estate investment services firm with offices throughout the United States and Canada, announces the sale of the CoCo Key Hotel and Water Resort, a 396-room hospitality property on International Drive in Orlando, Florida.
The buyer is an experienced South Florida-based hotel owner who has the opportunity to add value to this family-resort asset, according to Ahmed Kabani, first vice president investments and senior director of Marcus & Millichap’s National Hospitality Group in Miami. Investors from around the state and across the country target hospitality assets in Orlando for their strong performance, including occupancy and revenue per available room that are above national levels.” Kabani and Juan Alzate, associate, represented the buyer.
The new owner understands the property’s intrinsic value and plans to bring in a new management team to ramp up operations, according to Alzate. Hospitality assets with large footprints in exceptional locations like this one are attractive investments that rarely trade hands. Built in 1970, the 9.4-acre CoCo Key Hotel and Water Resort is two miles from the Orange County Convention Center and three miles from the Universal Orlando Resort. The property features a 54,000-square-foot canopy-covered/outdoor water park.