PRISA Group - McVC and Peachtree Hotel Group Join Forces to Develop Three Florida Hotels (United States)
Venture to Build a SpringHill Suites, Residence Inn and AC Hotel by Marriott in Orlando and Tampa |
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PRISA Group - McVC and Peachtree Hotel Group Join Forces to Develop Three Florida Hotels (United States)
Venture to Build a SpringHill Suites, Residence Inn and AC Hotel by Marriott in Orlando and Tampa |
Category: North America & West Indies / Carribean islands - United States - Industry economy
- Hotel projects
This is a press release selected by our editorial committee and published online for free on 2016-09-13
Officials of the PRISA Group, a family-owned developer, builder and owner of green residential communities, hospitality and resort projects in Puerto Rico and Florida, and Peachtree Hotel Group, one of the nation’s fastest growing hotel investment and management platforms, today announced that their newly instituted partnership broke ground on development of three, select-service hotels in Florida:
- the dual-brand SpringHill Suites by Marriott Orlando/ Mall at Millenia and Residence Inn by Marriot Orlando/ Mall at Millenia, with 120 and 134 suites, respectively, and
- AC Hotel by Marriott Tampa/Airport – Westshore with 175 rooms.
The properties currently are under construction with a planned opening date of December 2017. The three hotels will be managed by Marriott Corporation. The construction is being conducted by a partnership between PRISA Group and Orlando-based Welbro Building Corporation. Miami-based Popular Community Bank provided the financing for the projects.
“Our select service hotel platform continues to grow with the addition of three new hotels in key markets in Florida, all next to vibrant food, beverage and entertainment options and with a modern design aesthetic,” said Federico Stubbe, PRISA president and CEO. “We continue to pursue ground-up opportunities in submarkets in the Southeast with strong entertainment offerings.”
The Orlando hotels are located adjacent to the Mall at Millenia, the top 7th highest grossing mall in the U.S, and the AC Hotel in Tampa will be part of the MetWest International complex, located in Westshore, the largest office district on the west coast of Florida.
“We continue to seek out best-in-class partners, and PRISA’s well regarded reputation as a leading provider of green residential and hospitality projects throughout Puerto Rico speaks for itself,” said Jatin Desai, Peachtree’s chief investment officer. “With more than $89 billion in tourism revenue in 2015 alone, Florida remains one of the nation’s top destinations, and we fully expect these properties to quickly become market leaders following their initial ramp-up stages.”
SpringHill Suites by Marriott Orlando/Mall at Millenia and Residence Inn by Marriott Orlando/Mall at Millenia
The dual-brand SpringHill Suites /Residence Inn is part of a growing trend to combine hotel brands that appeal to different guest profiles into a single structure. Located in the geographic center of Orlando, the two hotels will reside in a popular hotspot, within close proximity to major attractions including Universal Studios, Orange County Convention Center, I-Drive 360, Orlando Eye, Festival Bay Mall, Wet’n Wild, Sea World, Disney World, Downtown and the new, highest grossing premium outlet mall in the country. The Mall at Millenia is the centerpiece of a 450-acre master-planned development that includes 2.2 million square feet of premier office space and other commercial venues, conveniently located next to I-4.
The 134-room SpringHill Suites by Marriott Orlando at Millenia boasts spacious suites that combine form and function, providing separate living and sleeping areas. The rooms include contemporary case goods with new, custom design items from West Elm, a dry bar, refrigerator, microwave, spa-like bathroom, walk-in shower and a 43” TV. The 120-room Residence Inn by Marriott Orlando at Millenia is designed for comfort and extended-stays, typically five days or longer. The property’s spacious suites feature a six-foot, walk-in shower, a 43” TV and a kitchen fully equipped with a refrigerator, stove, microwave and coffee maker.
Both hotels share a spacious outdoor setting boasting a resort style pool with bar, game area with giant board games and a lounge with water and fire features. Other amenities include complimentary breakfast, a 24-hour market, a lobby bar and complimentary Wi-Fi throughout the properties. The properties also provide a well-equipped Lifestyle Fitness Center, as well as two meeting rooms totaling 1,600 square feet.
AC Hotel by Marriott Tampa/Airport – Westshore
The AC Hotel will reside within MetWest International, a high-end, 32-acre, mixed-use development in Tampa’s thriving Westshore Business District, Florida’s largest office district, located immediately southeast of Tampa International Airport. This property is adjacent to the upscale shopping and entertainment center, the International Plaza, Bay Street and Tampa International Airport, which currently is undergoing one of the largest airport expansions in the U.S. The MetWest International mixed-use complex boasts six upscale restaurants and bars within steps of the hotel, as well as a variety of large corporate tenants. Nearby attractions include downtown Tampa, the Raymond James Stadium and George M. Steinbrenner Field.
This 175-room property appeals to the chic traveler in search of design innovation. The guest rooms follow simplistic design and include a signature closet, work desk, luggage bench and a 47” TV. Clean-cut, linear aesthetics highlight the public space areas, inclusive of a collaborative space with a communal table and reading section. The hotel’s lounge displays contemporary European design with signature lounge seating and a multimedia area. Other amenities include a market, two media salons and a business/social events room, featuring Workspace on Demand by Marriott for online meetings at other locations, over 900 square feet of a state-of-the-art fitness center, pool and pool bar, complimentary Wi-Fi throughout the property and 2,300 square feet of meeting space.
About PRISA Group - McVC
PRISA Group is a family-owned developer, builder and owner of green residential communities, hospitality and resort projects in Puerto Rico and Florida with 1,500 employees and over $100 million in annual revenues. The company has developed and built over $750 million in hospitality projects in the past 4 years alone, all on-time and on-budget, including Dorado Beach, a Ritz-Carlton Reserve, West Beach Ritz-Carlton Reserve Residences, three Hyatt Place hotels, one Hyatt House, and two casinos, among others. PRISA has been active in Florida since 2003 with the development of Tampa Bay’s first conservation subdivision, Lake Toscana. The company was awarded the 2014 Developer of the Year Award for the Americas by Hyatt Corporation.
With more than 30 years of experience in the hospitality and real estate industries, McConnell Valdes Consulting (McVC) specializes in the planning, financing and development of hospitality and mixed-use real estate projects such as the Mandarin Oriental Barcelona, Vieques W Retreat, Westin Rio Mar, and Costa Caribe Resort, among many others. McVC is an affiliate of McConnell Valdés LLC, the largest law firm in the Caribbean.
About Peachtree Hotel Group
Peachtree Hotel Group operates, develops and invests in premium-branded, select- and limited-service and extended-stay hotel assets under the Marriott, Starwood, Hilton, Hyatt, Choice and InterContinental Hotels Group flags. Since its inception, Peachtree has acquired, developed or originated nearly $1 billion of hotel properties and first mortgage notes. Peachtree's current portfolio is comprised of 62 hotel assets totaling 7,308 rooms, including 29 real estate assets and 33 notes.
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