ORLANDO, Fla. — Editor’s note: This story is available as a result of a content partnership between WFTV and the Orlando Business Journal.
Plans for Orlando’s next luxury hotel have moved forward thanks to a $16 million land purchase for the project, according to Orange County records.
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Orlando 5 Star Hotel Owner LLC, an entity with executives tied to New York-based Development Ventures Group (Deven), has acquired a 28-acre parcel of land off International Drive from GCB Associates LLC in Orlando on May 3. Thomas Cunningham, whose LinkedIn states is the president and CEO of Deven, is the listed executive for Orlando 5 Star entity.
In 2021, Deven and French hospitality giant Accor SA announced plans for the new 550-room, 7-story Fairmont Orlando hotel opening in early 2025. The project cost wasn’t revealed. However, a luxury hotel of this size may cost about $425 million to build, from buying land to completion, based on industry estimates.
Click here to read the full story on the Orlando Business Journal’s website.
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