PROPERTY OVERVIEW

Excellent Location Near Numerous Demand Generators

The Suburban Studios Ocoee is conveniently located off State Route 50, offering easy access to a range of key demand drivers in the area. Adjacent to the hotel is Manheim Orlando, the 2nd largest Manheim auction site, spanning 268 acres and employing 436 people. Manheim Orlando reconditions 1,200 vehicles a month, making it a significant player in the automotive industry. Sysco Central Florida is 3 minutes away, with a 420,000-square-foot facility and 650 employees supporting the region’s foodservice needs. For healthcare demand, Orlando Health Central Hospital is 5 minutes from the hotel. This 171-bed hospital is recognized for its nationally accredited Heart Failure program and joint and spine surgical programs and serves as Central Florida’s only Level I Trauma Center. Retail demand is driven by the Ocoee Village Center Development located 11 minutes away. This new project features a 43,000-square-foot national grocer, restaurants, retail stores, and 150,000 square feet of commercial space alongside 320 luxury apartments and 232 townhomes. Downtown Orlando, a major metropolitan hub, is 15 minutes from the hotel. Orlando is home to Darden Restaurants (#383 on the Fortune 500 list) and world-renowned theme parks such as Walt Disney World and Universal Studios Orlando. The city welcomes over 74 million visitors annually, making it one of the top tourist destinations in the world

Turn-Key Conversion Opportunity 

Upon prior sale in April 2024, the hotel underwent a comprehensive $1.25 million ($15,000/key) renovation. The Property Improvement Plan included tub-to-shower conversions, upgraded kitchenettes, and common space renovations purposefully built in accordance with Choice’s brand standards for a Woodspring Suites franchise. The offering presents a buyer with the unique opportunity to acquire a turn-key asset fully prepared to convert to a Woodspring Suites. The improved, up-branded product offering, combined with the continued market growth expectations are expected to result in RevPAR and NOI levels far exceeding in-place metrics.

Immediate Ramping Upside

During the recent renovation, the Suburban Studios Ocoee experienced substantial operational disruption, severely impacting performance. As of the Trailing TwelveMonth (“TTM”) financial period ending July 2024, the hotel achieved a RevPAR of just $57.17, a 14.4% decrease year-over-year. Currently, the hotel ranks 6 of 6 in comparison to its competitive set in Occupancy, Average Daily Rate (“ADR”), and RevPAR. A buyer has the opportunity to immediately capitalize on ramping upside as operations stabilize.