General

Complexity of commercial real estate matters may require attorney

While there are a couple of possible new hotels in the works for the Orlando, Florida, area, a hotel already in existence was recently involved in a commercial real estate transaction. Holiday Inn Resort Lake Buena Vista was recently sold to ROCH Capital. The deal is particularly noteworthy since it is the largest hotel deal so far this year.

There are multiple things that need to be addressed when it comes to the sale of commercial property. If they are not handled properly, a dispute might erupt later. Such a dispute can be expensive affecting a business’ bottom line. Among other things, disputes might involve development plans, commission for real estate brokers or issues with title. In addition to these, once the property changes hands, there are other problems that could arise.

For example, following the sale of a commercial property such as this one, it is not uncommon for the new owner to update the property. Coordinating this work can be complicated and require the assistance of a lawyer who has past experience with construction contracts. Since The building, which is located near Disney World, boasts 7,000 square feet of meeting space and 503 hotel rooms was renovated a couple of years ago, it is unclear whether this will be the case.

Other post sale activities that could require the assistance of a business lawyer include drafting leases with commercial businesses should the building provide that type of space.

Whatever the legal matter related to the purchase or sale of commercial property, in most cases a layer familiar with that area of law is beneficial.

Source: Orlando Business Journal, “Sold: Disney-area property snagged in C. Fla.’s biggest 2014 hotel deal,” Megan Ribbens, June 19, 2014

Mon Aug 27, 1:35pm