University of Central Florida soon to have an on-campus hotel.
ORLANDO, Fla. (Sept. 24, 2018) – Development Ventures Group (DEVEN) has announced the commencement of construction on the Pegasus Hotel at the University of Central Florida, following the recent closing of construction financing with Fifth Third Bank. The project is a joint venture between DEVEN Group, Demetree Global and Pinnacle Hotel Management. The hotel will carry the Tribute by Marriott flag and will be managed by Pinnacle Hotel Management.
The hotel will feature 179 rooms and suites. Additionally, it will offer more than 10,000 square feet of conference and event space, and a private dining room. The full service hotel will have an active lobby bar and three meal-a-day restaurant, a take-away pantry and room service. Of special note is a more than 6,000 square foot event lawn adjacent to the restaurant and outdoor pool. The hotel will be located at the intersection of University Blvd. and Alafaya Trail at the main entrance to the UCF campus.
"We have a long and successful relationship with the University of Central Florida and look forward to bringing a world class destination hotel to their campus" said Dennis Biggs of DEVEN.
"We have enjoyed over 20 years in the UCF market since opening our first hotel, the Courtyard by Marriott in Collegiate Square. We look forward to the opportunity to open a truly first class hotel and convention center in the market," said Ron Franklin, president, Pinnacle Hotel Management.
"Demetree has long been a believer in the University of Central Florida and has invested in land, retail, restaurants, hotels and student housing ventures in the area for years. We look forward to participating in this dynamic new hotel project on the UCF campus," said Mary Demetree, CEO, Demetree Global.
The hotel is under construction and is scheduled to open in the spring of 2020.
Development Ventures Group, Inc. (“DEVEN”) is the result of the 2017 merger of two long-standing Kajima USA subsidiaries: Kajima Urban Development (“KUD”) and Commercial Developments International (“CDI”). DEVEN Group blends the strengths of these two companies, deepening the development capabilities and financial expertise of both, while broadening market reach and professional relationships. DEVEN served as the developer of Knights Plaza, the CFE Arena and the Towers at Knights Plaza at UCF from 2004 – 2008. DEVEN was also the development manager of the Waldorf-Astoria and Hilton Hotels at the Bonnet Creek Resort near Walt Disney World in Lake Buena Vista. Dennis Biggs is President and CEO of Development Ventures Group.
About Demetree Global
Demetree Global has been a pioneer in land development, construction, commercial real estate and land use, positioning the company as an industry leader for more than 65 years. Evidence of the Demetree entrepreneurial spirit and vision is built into skylines, executive office centers, suburbs, multi-tenant facilities, student housing, real estate development projects and retail shopping centers throughout Florida. The Demetree Global family of companies has a rich heritage in Jacksonville, Miami and Orlando, Florida. After selling 12,500 acres to Walt Disney and helping create the Orlando skyline, the Demetree trademark remains known for its attention to detail, superior service and successful business relationships with employees, partners and clients.
Demetree Global’s portfolio of investments includes 1.5 million square-feet of commercial real estate including over 6,000 residential units, more than 1,200 hotel keys as well as 1,600 acres of raw land and a variety of operating businesses across several industries. For more information, visit www.demetreeglobal.com.
About Pinnacle Hotel Management
Pinnacle Hotel Management is a hotel development and management company owned by Ron Franklin and Steve Fairbanks. The company was founded in 1998 with their first project the new build Courtyard by Marriott UCF Area. Since that time Pinnacle has developed or purchased over 40 hotels and currently has a portfolio of 30 hotels. Pinnacle currently has eight hotels in the Orlando market including the Courtyard UCF Area, the Residence Inn UCF Area, the TownePlace Suites UCF Area, the Homewood Suites Lake Mary, the Residence Inn Lake Marriott, the Marriott Lake Mary and the downtown Orlando Residence Inn. For more information visit www.pinnaclehotelmanagement.com.