Joint Venture to Build Hilton Orlando Convention Center
ORLANDO, FL, March 24, 2006. Hilton Hotels Corporation, Apollo Real Estate Advisors and Rida Development Corporation have formed a joint venture to build the Hilton Orlando Convention Center.
The 1,400-room hotel will fill a void in high-end hotel rooms near the Orange County Convention Center.
Located on 26.4 acres just south of the convention center, the 18-story hotel will offer direct access to the North Concourse through a pedestrian sky bridge. Apollo Real Estate Advisors and Rida Development Corporation will be the majority owners of the hotel and Hilton will manage the hotel and have a minority ownership interest. Construction of the hotel is expected to begin by the end of 2006, with completion set for 2009.
The Hilton Orlando Convention Center is poised to take advantage of a booming Orlando convention market that currently offers relatively few hotel rooms within walking distance of the convention center. With more than 130,000 square feet of meeting space, the Hilton Orlando Convention Center will offer an upscale product with adequate space and close proximity for business guests.
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