Marcus & Millichap (NYSE: MMI), a leading commercial real estate investment services firm with offices throughout the United States and Canada, today announced the sale of the 222-room Ascend Collection Palazzo Lakeside Hotel, according to Scott Lunine, Regional Manager of the firm’s Miami office. The property sold for $8.5 million.

“The acquisition adds value to the buyer’s collection of boutique hospitality assets and increases ownership’s opportunity to grow revenue in one of the largest hotel markets in Florida,” said Ahmed Kabani, first vice president investments and senior director of Marcus & Millichap’s National Hospitality Group.” Kabani represented the seller and procured the buyer, a limited liability company.

The five-story interior corridor hotel was built in 1984 on 5.71 acres. The property is three miles from the Orlando International Airport and a 15-minute drive from the Orange County Convention Center. The Walt Disney World Resort and Universal Studios are nearby.