Parkside Hotel & Suites at Disney...The Parkside Hotel & Suites Disney Maingate West (Travelodge Conversion) is full service lodging facility containing 442 rentable units. The four-story

Parkside Hotel & Suites Disney (f/k/a) Parkside Hotel & Suites Disney Hotel and / or Ramada Maingate West

7491 West Irlo Bronson Memorial Highway

Kissimmee, Florida 34747

PRICE REDUCED

“COURT ORDER SALE”

“Not only one of the two (2) closest properties to Disney World’s Main Gate

(within 1 mile) and the Wide World of Sports (within ½ mile), but also one

of the last remaining “interior corridor” resorts available within the Walt

Disney World marketplace.”

Parkside Hotel &

Suites at Disney

Overview

Parkside Hotel & Suites Disney Kissimmee, Florida 34747

PARKSIDE HOTEL & SUITES DISNEY KISSIMMEE, FLORIDA

PROPERTY: Parkside Hotel & Suites Disney Kissimmee, Florida OWNER: Manix Holdings LLC Managing Member and Majority Stakeholder

Brouse Hotel Group, LLC A Florida Limited Liability Company Kissimmee, Florida BROKER: HotelMax Realty, Inc. CURRENT APPRAISED VALUE: $10,400,000 (Closed Value As Is if Not Open) STABALIZED VALUE: $13,500,000 (Open and Operating – As Is) PRICE: Reduced $ 9,000,000 ($20,360 PER KEY) UNITS: 442 CURRENT STATUS: Currently Operating as Limited Service Only – Interior Corridor Property COMPETITIVE SALES/MARKET DATA: Continental Hotel 7785 W. Irlo Bronson Highway, Kissimmee, FL Exterior Corridor - 200 Units – Must be totally renovated Price: Sold for $5,000,000 ($25,000 per key) Quality Inn Celebration West Irlo Bronson Highway Exterior Corridor – 200 Units – Must be renovated Price: Sold for $13,000,000 – August, 2017 Red Lion –

Exterior Corridor – 515 Units – 15 Buildings Older Property built in 1973 and has been renovated

Asking Price: $17,000,000 ($33,000 per key)

Property Features

442-room full service, mid-rise hotel with interior corridors

Two Swimming Pools (Interior & Exterior with Tiki Bar)

Fabulous opportunity to reposition and rebrand this property

Site is over 8 acres with direct access of US Highway 192

18.2% IRR proforma income*

Capitalization rate of 9.296 on first year projections*

Located less than one mile from Walt Disney World

Located less than ½ Mile from Wide World of Sports

Less than 20 minutes from Sea World, Universal Studios Florida and high-quality retail

Offered at less than 30% of replacement cost

Concrete construction

* After renovation

Property Overview


Highlights

• ADR & Occupancy Upside

• Discount to Replacement Cost

• Improving Market Trends

• Absentee Owner

• Reposition Opportunity

• Good Physical Product

• Location

• Local Redevelopment Initiative

ADR & Occupancy Upside: Prior to closing and based on current operating results, the Parkside Hotel & Suites

Disney is obtaining an average rate well below the competitive set. Recently renovated assets in the immediate area

are achieving substantially higher room rates than the Magnuson Grand.

Discount to the Replacement Cost: The Parkside Hotel & Suites Disney can be acquired at a significant discount to

replacement. A similar facility would cost on excess of $110,000 per room to develop. The owner estimates the

property may be competitively repositioned and rebranded for between four and seven million dollars.

Improving Market Trends: 2015 RevPAR growth in Orlando was in excess of 4% and according to Smith Travel

Research; 2015 RevPAR growth is projected to be even greater. This is complimented in the Maingate area because

there are no significant increases in supply for the immediate area providing a buyer the opportunity to significantly

increase both occupancy and ADR with some strategic renovations.

Owner Involvement: Current international ownership will be heavily involved in the day-to-day operation of the

hotel. In addition a professional management company has been retained.

Reposition Opportunity: There is an excellent opportunity to rebrand and reposition the property in order to

substantially enhance ADR and improve occupancy. A recent PIP has been completed by Travelodge and it is believed

other quality brands are available in the submarket.

Good Physical Product: The Parkside Hotel & Suites Disney is an interior corridor hotel with no reported structural

concerns. Although the property has not been recently renovated to any significant level, ownership has always

maintained the asset to a certain level of cleanliness.

Location: The property is located less than a mile from Walt Disney World and less than twenty minutes from

Universal Studios and the Orlando International Airport.

Local Redevelopment Initiative: The Maingate corridor is pushing a redevelopment initiative that has already

spurred significant redevelopment of major retail and restaurant facilities in the immediate area.


Location Information

Address Parkside Hotel & Suites Disney f/k/a Ramada Maingate West


Kissimmee, Florida 34747

Tax Parcel ID Number 25-27-02-3160-000C-13

Site Description

Year Built/Renovated 1984 / 2004

Lot Size 8.17 Acres

Type of Ownership Fee Simple

Handicapped Parking Yes

Truck Parking Yes

Property Tier Full Service Midscale

Location Type Tourist

Room Breakdown – All Rooms are Oversized

Double Double 361

King 29

King Parlor 12

Kids Suites w/King 40

Total Number of Guest Rooms 442

Overview Scenario


Franchise

Franchise Parent Co. Parkside International Hotel Corp

Franchise Affiliation Parkside Hotel & Suites (Pending)

Start Date 2016

Franchise Royalty Fee 6.0%

Nearby Food and Beverage Service

Name of Outlet

Type of Outlet

Location

Distance

Black Angus Steak House

Steakhouse


0.1 Miles

Name of Outlet

Type of Outlet

Location

Distance

Miller’s Ale House

American Cuisine


2.0 Miles

Name of Outlet

Type of Outlet

Location

Distance

Bahama Breeze

Caribbean Cuisine


2.0 Miles

Name of Outlet

Type of Outlet

Location

Distance

Olive Garden

Italian Cuisine


2.0 Miles

Property Information

Overview Scenario


Features & Amenities

Common Area Features Brass Monkey Lounge

Paradise Cove Pool Bar

Pizza Hut Express

The Veranda Food Court

Tradewinds Restaurant

Gift Shop

Indoor Pool

Outdoor Pool

Game Room

Business Center

Covered Ramp upon Entrance

High-Speed Internet

Orlando Welcome Center

Fitness Center

Elevators

Hot Tub

Room Amenities Interior Corridor Access

Cable TV

High-Speed Internet

Iron & Ironing Board

Key Card Entry

Fire Sprinkled

Work Desk & Chair


Overview Scenario


Property Location


Overview Scenario


Property Location


Overview Scenario


Property Location


Overview Scenario


CURRENT PROPERTY ANALYSIS

The Parkside Hotel & Suites Disney Maingate West (Travelodge Conversion) is full service lodging facility containing 442 rentable units. The four-story property opened in 1984. The Parkside Hotel & Suites Disney was the first Wilson World Hotel, developed in 1984 by Charles Kemmons Wilson, the founder of Holiday Inns, Inc. The property has a Holidome feature, a previously popular Holiday Inn concept. The hotel was purchased and reflagged as the Red Roof Inn-Resort at Maingate in 1998 by Diplomat Hotel Corporation. The hotel was designed and developed as a Wilson World Hotel in 1984; the configuration and array of facilities and amenities are consistent with Wilson World Hotel standards as of that date. The subject property has undergone some renovations since opening; however, the hotel closed in September 2015 and, as a result, is in generally fair condition. In connection with the pending transaction, Travelodge has developed a property improvement plan (PIP) that outlines the renovations necessary for the hotel to comply with current brand standards. A new owner would be required to complete these renovations in connection with a new franchise agreement. Current Physical Condition Due to the age of the subject property, which was constructed roughly 32 years ago, some functional obsolescence is to be expected. Furthermore, the existence of the hotel's Holidome concept and its lack of full ADA compliance indicate some degree of functional obsolescence. Accordingly, the hotel's profitability is limited by this aspect, as room rate levels are lower than what would be achievable by a more modern designed property. The typical economic life of this property is usually 50 years; the chronological age of the property is 32 years old and the effective age is 15. We calculate the remaining economic life of the facility to be approximately 35 years.

Current Property Analysis

Purchase Scenario


The Price has been reduced to $9,000,000 and the asset has been ordered to be sold by the Federal Bankruptcy Court. Although we have had multiple cash offers in the past that were in excess of $10,000,000, the transactions could not be consummated because of a dispute among the members of the limited liability corporation. This is the first opportunity to sell and close a potential transaction as ordered by the federal courts. All offers must be cash, without financing contingencies. Due diligence cannot exceed 30 days and a closing must be within 15 days of the completion of due diligence. The initial deposit must be in excess of $100,000 with an additional $200,000 at the end of the due diligence period. Proof of funds and/or the ability to close the transaction must be submitted with all offers.

Sales Price $9,000,000 Cash Replacement Value is $42,000,000.

Documents

Parkside Hotel & Suites at Disney...The Parkside Hotel & Suites Disney Maingate West (Travelodge Conversion) is full service lodging facility containing 442 rentable units. The four-story