The University of Central Florida Board of Trustees agreed to amend the development contract of the proposed Pegasus Hotel during last week’s meeting.
The hotel is set to be located at the main entry to the UCF campus, according to the KUD International website, and will be a 97,500 square-foot facility that is five stories tall and has a conference center.
The hotel sublease agreement, which was originally approved by the Board of Trustees in November 2015, was amended in order to allow the developer KUD International to obtain financing.
“The developer has asked to increase the size of the hotel from 135 rooms to approximately 179 rooms,” the document reads.
The amendment also requires that construction on the Pegasus Hotel begins between June 22 and Sept. 29 of this year— giving KUD a three-month extension to begin.
The new agreement also calls for an expansion of the leased property by over half an acre to accommodate additional parking.
“A boutique hotel will help provide a first-class experience on campus to faculty we are recruiting, as well as alumni, guest speakers and students’ family members who visit our campus,” UCF Spokesman Chad Binette said in an email.
Some of the plans KUD has for the Pegasus Hotel are laid out on their website.
“The hotel will be intimate, warm and inviting; a sanctuary within the hustle and bustle of the campus and Alafaya Trail.”
According to the Board of Trustees amended contract with KUD, the hotel must also include “kitchen and dining facilities to support the guest rooms and conference facilities; bar and lounge facilities; a minimum of 4 conference rooms accommodating a minimum of 10 people each and a 5,000-square foot ballroom.”
KUD International won the rights to develop the hotel for $38 million through what is described on their website as “a competitive selection process.” In just a few months, construction should finally begin on the on-campus boutique hotel.
Originally published on July 28, 2017.