Trinity Investments, Elliott Management Acquire Grande Lakes Orlando Resort for $900M
ORLANDO, FLA. — A joint venture between funds managed by Trinity Real Estate Investments LLC and Elliott Management Corp. has acquired the Grande Lakes Orlando Resort. Blackstone Group sold the property for $900 million, according to local media reports.
The 409-acre development includes two hotels, a 582-room Ritz-Carlton and a 998-room JW Marriott. The resort also features an 18-hole golf course designed by Greg Norman, an Australian professional golfer and entrepreneur.
The Grande Lakes Orlando Resort includes 278,000 square feet of indoor and outdoor meeting space, 15 food and beverage outlets, swimming pools, sporting facilities and a 40,000-square-foot spa.
Since 2015, both hotels have undergone multi-million-dollar renovation projects. Trinity and Elliott plan to implement a multi-year capital improvement plan to further enhance the resort’s offerings. In addition to guestroom renovations, plans call for upgrades to the resort’s ballroom, meeting spaces, water features and food offerings.
The buyers are hoping to capitalize on Orlando’s booming tourism industry. In 2017, Orlando set a record and became the first ever U.S. destination to surpass 70 million visitors in a year, according to the city’s tourism association, Visit Orlando.
Honolulu-based Trinity is a private real estate investment firm that has completed more than $4 billion of global real estate transactions in Hawaii, Mexico and Japan. Elliott manages two multi-strategy funds, Elliott Associates LP and Elliott International LP, which together have approximately $35 billion under management.
— Kristin Hiller