Investors Plan to Renovate and Convert the Property to a Crowne Plaza
Online PR News – 12-April-2013 – ORLANDO, Fla. (April 10,2013) – Alena Hospitality LLC, an Orlando-based local hotel investment group, has acquired the 246-room, lender-owned Orlando Vista Hotel at 12490 S. Apopka-Vineland Rd. in Orlando. Located near all of Central Florida’s major attractions, the plan is to substantially renovate the property and convert it into a full-service Crowne Plaza Hotel.
“This property boasts an ideal location and sound infrastructure,” said Nik Patel, Alena Hospitality’s CEO. “I will be overseeing the refurbishment of the hotel with the goal for it to be completed later this year. We expect to see the property bustling with traveling families and business people soon. It is exciting to head-up this major turnaround.”
Alena Hospitality is currently looking for distressed hotel assets within the Southeastern United States, with a primary focus in Florida. “We are a well-capitalized organization with the ability to make quick decisions and make cash acquisitions,” said Patel. When reviewing a potential acquisition opportunity, Patel looks for the following: a minimum of 50 rooms (unless boutique or oceanfront); priced below replacement cost; upside with repositioning of asset; and, opportunistic results in the Smith Travel Report showing under performance. “The Orlando Vista met all of these requirements, so we are pleased with its upside potential,” Patel said.
About Nik Patel and Alena Hospitality, LLC:
Nik Patel is the CEO of Alena Hospitality, LLC which he founded in 2012. Within six months, Alena had acquired more than 700 hotel rooms exceeding $50 million. Mr. Patel has a unique level of experience as he worked for both Marriott Hotels International and Wyndham Hotels following seven years in the banking and financial services industry. He is still currently involved in the financial services industry as well as CEO of Alena Hospitality. Mr. Patel leads all acquisition efforts, franchise negotiations and renovation design planning. Mr. Patel also is a part owner of the Memphis Grizzlies NBA team. In early 2013, the Alena Hospitality Trust was formed and capitalized by Nik Patel, as well as institutional investors, for the purpose of purchasing more than $150 million in additional hotel real estate assets in 2013.