Monarch Alternative Capital has reached an agreement to purchase the Crowne Plaza Orlando Universal Boulevard. The hotel in Orlando was auctioned by Universal Towers Construction through a Section 363 sale process as part of the debtor's Chapter 11 restructuring.
Monarch believes this property is a core asset in the Orlando market, which is poised to benefit from a strong recovery in tourism. The sale is expected to close in early May.
The property is a 400-room, full-service upscale hotel that first opened in 2002. The resort occupies an irreplaceable location, in the heart of the International Drive submarket. It is located in close proximity to top attractions and highly trafficked locations, including Universal Orlando Resort, the site of the upcoming Universal Epic Universe, the Orange County Convention Center, SeaWorld, the Orlando International Premium Outlets, Icon Park, Pointe Orlando and Restaurant Row.
The hotel generated consistent pre-pandemic cash
