Sun Hospitality Advisors Successfully Completes the Sale of a Four-Hotel Portfolio in the Orlando/Kissimmee Market

TAMPA, Fla., Feb. 7, 2007 (PRIME NEWSWIRE) -- Sun Hospitality Advisors, a division of The Plasencia Group, Inc. (TPG), the leading national hospitality transaction and consulting services firm representing owners of hotels, resorts, and golf courses, has successfully completed the disposition of a four-hotel portfolio in the Orlando metropolitan market on behalf of a national real estate lending and special servicer client. The four hotels, which included a Holiday Inn as well as three independent assets, comprised a total of 1,349 units and garnered a combined sales price of over $31 Million.

Three of the hotels, totaling over 1,100 rooms, were exterior corridor assets located in close proximity to one another in Kissimmee's Maingate West lodging node. The fourth property was a 218-unit interior corridor asset located on International Drive in Orlando.

The four properties were marketed to a nationwide pool of investors and were sold as follows:

Holiday Inn Maingate West: A 295-unit Kissimmee hotel purchased by a first-time hotelier based in Florida who plans to convert the property to a condominium hotel.

Hawaiian Maingate Resort: A 445-unit Kissimmee asset sold to a California-based investment group that plans to invest $3.5 million to renovate the asset and rebrand the hotel as a member of the America's Best Value Inn lodging system.

Reedy Creek Resort Maingate: A 391-unit hotel sold to a Florida-based investment group which owns another hotel in the Kissimmee market.

I-Drive Inn, Orlando, Florida: A 218-unit hotel sold to a Michigan-based hotelier who intends to capitalize on this hotel's prime location on International Drive by investing over $2 Million to complete a major renovation.

"We put together a comprehensive marketing plan that focused on the unique strengths and upside potential of each hotel," said Robert O'Leary, Vice President of Sun Hospitality Advisors. "The properties are now well positioned to benefit from the growth of the Florida market, as well as the individual talents and commitments being applied by their new owners."

About The Plasencia Group, Inc.

Founded in 1993, The Plasencia Group is the leading hospitality transaction and consulting services firm representing owners of hotels, resorts, and golf courses, with regional offices in Tampa, Hartford, Chicago, Dallas, Austin, Houston, Little Rock, Philadelphia, San Francisco, San Diego and Washington, D.C. In conjunction with its affiliates, Regent Street for luxury properties and Sun Hospitality Advisors for select-service properties, The Plasencia Group has provided personalized, valued-added investment opportunities and services to clients such as Prudential (NYSE:PRU), Host Hotels & Resorts Corporation (NYSE:HST), Hilton Hotels Corporation (NYSE:HLT) and Metropolitan Life Insurance Company (NYSE:MET). The Plasencia Group offers a full range of value-added solutions, including transactions, property valuation analysis, financial and strategic planning, development and project management and asset dispositions.


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