Alena Hospitality, LLC Acquires Holiday Inn Orlando - UCF

Top Quote Planned Renovations will Appeal to Corporate Meetings & Business Travelers. End Quote
  • Orlando, FL (1888PressRelease) July 24, 2013 - Alena Hospitality LLC, an Orlando-based hotel investment and acquisition group, has acquired the 245-room, Holiday Inn Orlando - UCF located at 12125 High Tech Ave., just steps from the University of Florida. Alena's plan is to renovate the property, focusing on upgrading guest rooms, common areas and meeting facilities.

    "This Holiday Inn is located within walking distance to the University of Central Florida, one of the largest and fastest growing universities in the nation," said Rusty Huseman, Alena Hospitality's General Counsel. "We are very excited because Orlando's nationally recognized simulation industry and new medical facilities are within close proximity, so with some well-planned updating, this hotel is poised to become a major player in Central Florida's meeting industry."

    Alena Hospitality has plans to invest significantly in the property, "We are updating guest rooms with new furnishings and amenities, and remodeling the common areas to include reception, meeting space, as well as the bar & restaurant," said Huseman.

    "We are very pleased with the plans that Alena Hospitality has proposed for refurbishing the Holiday Inn UCF," said General Manager, Wayne Stelling. "The employees are excited about the new ownership and are looking forward to hosting more weddings and corporate events, which has always been our goal."

    Since early 2013, Alena Hospitality has been purchasing distressed hotel assets within the South Eastern United States, with a primary focus in Florida. "We are a well-capitalized organization with the ability to make quick decisions and acquisitions," said Huseman. When reviewing a potential opportunity, Alena looks for the following: a minimum of 70 rooms (unless boutique or oceanfront); priced below replacement cost; upside with repositioning of asset; and, opportunistic results in the Smith Travel Report showing under performance. "The Holiday Inn Orlando - UCF not only met all of these requirements, it also boasts a great location that is being underutilized as a meeting destination," concluded Huseman.

    About Nik Patel and Alena Hospitality:
    Nik Patel is the CEO of Alena Hospitality, which he founded in 2012. Within six months, Alena had acquired over 700 hotel rooms exceeding $50 million. Mr. Patel has a unique level of experience as he worked for both Marriott Hotels International and Wyndham Hotels following seven years in the banking and financial services industry. He is still currently involved in the financial services industry as well as CEO of Alena Hospitality. Mr. Patel leads all acquisition efforts, franchise negotiations and renovation design planning. Mr. Patel is also a part owner of the NBA team, Memphis Grizzles. In early 2013, the Alena Hospitality Trust was formed and capitalized by Nik Patel as well as institutional investors, for the purpose of purchasing over $150 million in additional hotel real estate assets in 2013.

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