Expansion of local airport increases demand for lodging in the area
Sanford, Fla. (August 7, 2019) – Ali Mushtaq, senior advisor at SVN Florida, coordinated a $1,675,000 million sale of land in Sanford, Fla., where Extended Stay America will build a hotel to meet growing demand in the area.
The 2.78 acres are at Rinehart Road and Florida State Road 417, near WP Ball Blvd. The land is close to several large retail stores, such as Best Buy and Super Walmart, as well as a busy town center.
“This is a great location for the hotel,” Mushtaq said. “The Orlando Sanford International airport is expanding and more people will be flying in for trips to Disney World or Daytona Beach, since Sanford is about halfway between the two destinations. That means more visitors coming into the area and staying for several days at a time, and more demand for extended-stay lodging.”
Mushtaq managed the land deal for seller Rinehart Partners, LLC, part of the Flagship Companies Group, LLC, in Lake Mary, Fla. The company originally acquired eight acres on the Rinehart Road site, splitting the property into three parcels. After the construction of some storage units, the company contacted Mushtaq about finding a buyer for the remaining parcel.
“Ali thought that a hotel would be a good fit for our middle lot,” said Ted Bolin, chief executive officer of the Flagship Companies Group. “He brought in a qualified buyer in Extended Stay and the transaction went very well. We appreciated Ali’s expertise and the business relationships that helped him find a buyer for that middle parcel. Everyone involved in the transaction is happy.”
In 2018, he coordinated a $1.65 million sale on Hickman Drive in Sanford, where a WoodSpring Suites hotel is under construction. A similar hotel land parcel in Orlando’s East Colonial Drive/University of Central Florida market is set to close in early 2020 at Park Square Plaza.
“Right now, the economic climate is favorable for these kinds of transactions,” Mushtaq said. “It’s providing some good opportunities to sellers.”