U.S. Trinity Real Estate, Elliott Mgmt JV purchases resort for $900mln

U.S. private equity firm Blackstone Group has divested Grande Lakes Orlando Resort in Florida for $900 million.

U.S. real estate investment firm Trinity Real Estate Investments LLC and investment management firm Elliott Management Corp. joint venture (JV) purchased the development.

The 409-acre property includes two hotels, a 582-room Ritz-Carlton, an 18-hole golf course and a 998-room JW Marriott. It also features 278,000 square feet of indoor and outdoor meeting space, swimming pools,15 food and beverage outlets, sporting facilities and a 40,000-square-foot spa.

Trinity and Elliott intend to implement a multi-year capital advancement program to further improve the resort’s offerings. In addition to guestroom upgrades, plans call for renovations to the resort’s ballroom, meeting spaces, water features and food offerings.