Grand Orlando Palms Hotel

5245 W Irlo Bronson Memorial Hwy, 34746

Year Started

2013

Year Delivery

2015

Number of Floors

2

Residences

199

Architect: Unkown

Developer: Team Real Estate Development

The Grand Orlando Palm Hotel is a 196-room exterior corridor property located in the heart of Kissimmee, on W. Irlo Bronson Highway, a major thoroughfare in the greater Orlando area. The hotel is ideally within seven miles of many of Orlando's main attractions including Walt Disney World, Disney's Hollywood Studios, Downtown Disney, and Sea World Orlando. Additionally, Old Town Kissimmee is just one mile away and features boardwalk-style streets, special events, shopping, dining, and live entrainment venues.

Of the 199 total rooms, only 100 are in rentable condition at this time. In order to bring the remaining rooms up to standards, the renovation cost is about $3,000 per room. This renovation cost is based on the seller's experience with the first 100 rooms which were all renovated since the seller took ownership. The renovation cost includes new carpeting new furniture, bedding, black granite counter tops, paint and any minor repairs to the plumbing and electrical. While this strategy has worked for the current owner, a new owner could improve the rooms above and beyond the current condition which would command higher rates and allow for the possibility of selling the individual units.

Because the property is a condo-ho9tel, the units can be sold individually without going to the county for approval. A new owner could renovate the rooms over time and use the funds from the disposition to alleviate the costs of remodeling the remaining rooms.
In addition to the room renovations,  the seller has improved other aspects of the property. There are three large meeting and event spaces on the property including a 300-person capacity event room with a stage and tiled floors. The other two events spaces hold approximate 100 and 200 persons respectively. There are also three more leasable retail spaces, one of which is currently rented on a month to month basis to an event planning company that also plans many of the events on the property.

The retail spaces measure approximetly 18,000 ssquare feet in total. Retail space in the Kissimmee area is currently renting for about $14 per square floor which presents investors with the potential to earn an additional $252,000 in rental income. The space is an excellent location for food and beverages establishment, travel consulting companies, gift shops, and care rental agencies.

The lobby has been renovated with a stunning black marble floor giving it a very extravagant look. If a new owner were to lease out the restaurant and place a national tenant in a retail space, they would see an immediate up-tick in revenue and foot traffic. By rebranding the propert as an atraction and not simpy as a hotel, the Grand Orlando Palms will once again flourish among the Kissimmee hotel competition.
Room Amenities:
- Microwave.
- Refrigerator.
- Granite countertops.
- Kitchenette.
- Bathtub.
- New queen and king beds.
- Sleeper Sofa - Available
- Individual A/C
- Electronic door locks.
Common Area Features:
- Outdoor Swimming Pool.
- Renovated Lobby.
- Three large meeting & event spaces.
- Internet Access.
- Night Security.
- Retail Shops in the Lobby.
- Guest use coin laundry.

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Cintia Herrera
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