321 Lk Cortez Dr Apopka, FL 32703-4815
- Hotels
- 54,443 SF
- 1.63 lot acres
Current Use by Public Records
- Boston lobster feast / Grocery Store
- Hampton Inn & Suites Orlando-Apopka / Hotel
Property Details for 321 Lk Cortez Dr
- Year built
- 2010
- Lot size
- 1.63 lot acres
- Property size
- 54,443 SF
- Zone code
- PUD
- Property type
- Hotels
- APN
- 12-21-28-0165-01-000
- APU
- 122128016501000
Description
This exceptional portfolio comprises two high-performing hotels in Apopka, Florida: a Hampton Inn & Suites and a Holiday Inn Express & Suites. Boasting a combined 158 keys and 141,090 square feet, these properties sit on a 3.24-acre lot and were built in 2009, undergoing extensive renovations in 2019. The August 2024 trailing twelve-month (TTM) period showed a remarkable $104 RevPAR, generating $6,000,000 in rooms revenue and a net operating income (NOI) of $2,030,000. September 2024 STR data ranks the Hampton Inn & Suites second (of five competitors) and the Holiday Inn Express & Suites first (of six competitors) in RevPAR. Operational efficiencies are maximized through shared management, including a General Manager, Director of Sales, Sales Coordinator, and Chief Engineer, contributing to reduced payroll costs and increased NOI. While the gross operating profit (GOP) decreased from 48.5% in 2022 to 45.4% in the August 2024 TTM due to increased rooms department expenses, projections indicate a strong rebound, with anticipated 2026 rooms revenue exceeding $6.3 million, a 47.6% GOP, and $2.2 million NOI. The properties benefit from excellent visibility on US Highway 436, near numerous dining, retail, and entertainment options. Strong corporate demand is driven by nearby businesses including the University of Florida's Pest Management University, Apopka Logistics Center, and AdventHealth Apopka Hospital. Leisure demand is fueled by Lake Apopka, Wekiwa Springs State Park, and various golf courses and wedding venues. Apopka's projected population growth of over 6% in the next five years, driven by significant residential and commercial developments, further enhances the investment potential. The portfolio is offered free and clear of management encumbrances, allowing for flexible operational strategies. New long-term franchise agreements are expected upon completion of change-of-ownership property improvement plans (PIPs).
Value Estimation
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CAP approach
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Comparable approach
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Alternative Use
Location Insight
- Map
- Local Demand
- City
- Apopka
- County
- Orange
- State
- Florida
- Longitude
- -81.461
- Latitude
- 28.674
- CBSA code
- 36740
- CBSA name
- ORLANDO-KISSIMMEE, FL METROPOLITAN STATISTICAL AREA
