The joint venture is investing a total of $24 million, which will include upgrades to the guest rooms, lobby, exterior lighting and signage, and expanding the pool area with a new children’s water park.
Lake Eve Resort showcases the finest accommodations and sophisticated amenities of the secluded Lake Buena Vista enclave. In a prime location near the plethora of amusement parks and attractions in Orlando, including Disney World, Universal Studios, Sea World, the Orlando Convention Center and Prime Outlets, the property offers a desirable location on Lake Eve and lake or pool views from each of its one-, two- or three-bedroom suites.
Travelers enjoy private balconies, fully equipped kitchens and dining areas, complimentary wireless high speed Internet and luxury bath amenities. Onsite facilities include the Siddhi Bar and Grill, a heated pool, hot tub, fitness center, sauna, game room and complimentary shuttle service to theme parks and attractions.
Lake Eve Resort’s new General Manager, Jerry Barnes, brings Orlando expertise and a strong operational background to the position. With over twenty years of experience in hospitality management, he previously headed successful teams at Crowne Plaza Orlando Downtown, Holiday Inn-Orlando North and Crowne Plaza International Drive.
Jerome F. Cataldo, President of Hostmark Hospitality Group, commented, “The Hostmark team is looking forward to working with The Arden Group and Eightfold, contributing increased asset value through effective operation of Lake Eve Resort. Hostmark has extensive experience in the Orlando market, and Lake Eve Resort is an exquisite addition to Hostmark’s resort management portfolio, as well as a competitive presence with great upside potential in the Orlando hospitality market."
About Hostmark Hospitality Group:
Hostmark Hospitality Group is a leading hospitality management firm with consistent leadership spanning more than four decades, operating upscale full service hotels, independent boutique hotels, luxury resorts, select service hotels, attractions and concept restaurants worldwide. Headquartered in Schaumburg, IL, with offices in Miami, FL; Denver, CO; and Cairo, Egypt, Hostmark Hospitality Group is an award-winning operator of Marriott, Hilton, Intercontinental Hotels Group, Starwood and Wyndham Hotels. Hostmark Hospitality Group has a proven longstanding reputation for delivering superior results through forward focused ingenuity and exceptional asset management. www.hostmark.com
About The Arden Group
The Arden Group acquires, develops and manages full-service hotels and office properties in major U.S. markets where demand is proven but assets remain undervalued. Arden Group acquired its interest through Arden Real Estate Partners I, L.P., a discretionary real estate fund launched in April 2012. This is Fund’s second hotel acquisition this year. Since its founding in 1989, Arden Group has purchased or developed more than $1.5 billion of real estate. Arden Group's property and asset management division has managed more than $5 billion of assets. www.ardengroup.com
About Eightfold Real Estate Capital
Eightfold Real Estate Capital, based in Miami Beach, Florida, focuses on distressed and value-add commercial real estate debt investments and strategic advisory on loan workout and restructuring for commercial real estate owners. Eightfold was established by former senior executives of a leading investor in below-investment-grade commercial mortgage backed securities (“CMBS”) and special servicer of CMBS loan pools. Eightfold is affiliated with a well-known investment manager that has more than $6 billion in assets under management. For more information on Eightfold Real Estate Capital and its principals, visit: www.eightfoldcapital.com
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