Orlando Villas   Orlando Villas
Orlando Villas | Villa Details | Villa Locations | Rates & Reservations | Check Availability | FAQ's | Contact Us | Orlando Guide

December 2, 2003

Disney and Local attraction News

Sold! Universal acreage acquired

 

ORLANDO -- Universal Orlando appears to have washed its hands of a long-range plan to one day grow as large as rival Walt Disney World.

On Dec. 8, the entertainment giant closed on the sale of 1,800 acres that had been slated to handle expansion of the resort.

Atlanta development company Thomas Enterprises Inc. acquired the acreage for an undisclosed sum. Owner Stan Thomas would not confirm the reported $65 million sale price, roughly $15 million below the $80 million paid by Universal when it purchased the property from Lockheed Martin in 1998.

Thomas does acknowledge the sale price was lower than originally asked, however. "We didn't talk anybody down on the price."

Thomas' company also purchased Universal City Property Management III LLC. That Vivendi Universal subsidiary held title to the land, and has been involved in its extensive environmental cleanup.

Thomas says it makes sense to "keep the team in place that has been working on the clean up and mitigation of the land."

"They are familiar with the permitting and so forth, so there is no need to reinvent the wheel," he says.

The sale comes on the heels of cash-strapped Vivendi Universal's decision to sell its U.S. entertainment assets -- including the local resort -- to NBC-TV.

That deal is not yet final.

However, a spokesman for Vivendi Universal says that "for some time, Vivendi has been reviewing all our assets to determine opportunities to strengthen the company's bottom line.

"The Sand Lake land parcel was not a strategic asset for us."

The spokesman declined comment on any future expansion plans for Universal Orlando. Some industry analysts have speculated that the company's theme parks could be sold yet again once the asset sale to NBC-TV is sealed.

That is in sharp contrast to the headier days of 1998, when, shortly after the opening of Universal's second theme park, Islands of Adventure, and its entertainment district, CityWalk, Vivendi Universal announced plans to aggressively challenge Walt Disney World with an ambitious expansion.

Universal's master plans for the acreage reportedly included two more theme parks, eight or nine hotels and several retail and entertainment centers.

Orlando Business Journal

 

This website is in no way affiliated with Walt Disney World, Universal Studios,Islands of Adventure, Busch Gardens, Sea World, Cypress Gardens, Splendid China, Wet'n'Wild, Water Mania, Gatorland, Medieval Times,Church Street Station, Arabian Nights, Ripleys, Wonderworks, Kennedy Space Center, Holy Land Experience, Sleuth's Dinner Mystery, Green Meadows Petting Zoo, Jungle Adventures, Fun Spot Action Park, Guinness, Skycoaster, Skull Kingdom and anybody I may have forgotten. All information on this Website is provided as a service to the Web site Visitors. All logo and images used are copyrights of their respective owners which include one or all of the following: Walt Disney World, Universal Studios, Islands of Adventure, Busch Gardens, Sea World, Cypress Gardens, Splendid China, Wet'n Wild,Water Mania, Gatorland, Medieval Times, Church Street Station, Arabian Nights, Ripleys, Wonderworks, KennedySpace Center, Guinness, Holy Land Experience, Sleuth's Dinner Mystery, Green Meadows Petting Zoo, Jungle Adventures, Fun Spot Action Park, Guinness, Skycoaster, Skull Kingdom and anybody I may have forgotten. Logo's are used solely for the purpose of aiding these companies in increasing the visitor count at their respective attractions. If you are a representative of one of these companies and wish to discuss appropriate use of your copyrighted material please feel free to contact us.

 

 

Orlando Vacation Homes