Tuesday, July 16, 2019

PRISA Group to Develop 3 Florida Hotels

By on September 12, 2016

SAN JUAN – Officials of the PRISA Group, a developer, builder and owner of green residential communities, hospitality and resort projects in Puerto Rico and Florida, and Peachtree Hotel Group, a hotel investment and management platform, announced Monday that their new partnership broke ground on development of three hotels in Florida: the dual-brand SpringHill Suites by Marriott Orlando/ Mall at Millenia and Residence Inn by Marriot Orlando/ Mall at Millenia, with 120 and 134 suites, respectively, and AC Hotel by Marriott Tampa/Airport – Westshore with 175 rooms.

The properties are under construction with a planned opening date of December 2017. The three hotels will be managed by Marriott Corp. The construction is being conducted by a partnership between PRISA Group and Orlando-based Welbro Building Corp. Miami-based Popular Community Bank provided the financing for the projects.

“Our select service hotel platform continues to grow with the addition of three new hotels in key markets in Florida, all next to vibrant food, beverage and entertainment options and with a modern design aesthetic,” said Federico Stubbe, PRISA president and CEO.

In this Thursday, Dec. 20, 2012 photo, holiday shoppers make their way through The Mall at Millenia in Orlando, Fla. U.S. holiday retail sales this year are the weakest since 2008, after a shopping season disrupted by storms and rising uncertainty among consumers. A report out Tuesday that tracks spending, called MasterCard Advisors SpendingPulse, says holiday sales increased 0.7 percent. Analysts had expected sales to grow 3 to 4 percent. (AP Photo/John Raoux)

Shoppers make their way through The Mall at Millenia in Orlando, Fla. (AP Photo/John Raoux)

The Orlando hotels are located adjacent to the Mall at Millenia, the seventh highest grossing mall in the U.S., according to the announcement released, and the AC Hotel in Tampa will be part of the MetWest International complex, located in Westshore, the largest office district on the west coast of Florida.

“We continue to seek out best-in-class partners, and PRISA’s well regarded reputation as a leading provider of green residential and hospitality projects throughout Puerto Rico speaks for itself,” said Jatin Desai, Peachtree’s chief investment officer. “With more than $89 billion in tourism revenue in 2015 alone, Florida remains one of the nation’s top destinations, and we fully expect these properties to quickly become market leaders following their initial ramp-up stages.”

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