SAGICOR Real Estate X Fund Limited (XFUND) is preparing to spend US$21.3 million ($3.34 billion) upgrading its flagship DoubleTree by Hilton hotel in Orlando as the company bets stronger conference and tourism demand can offset growing global uncertainty.

“We expect the renovations at the hotel, DoubleTree in Orlando, to continue to drive performance in future years. While demand remains strong for transient business, we are placing particular focus on attracting groups and conference business because this business drives higher revenue across all areas of the hotel,” said XFUND Chief Executive Officer (CEO) Brenda Lee-Martin at the company’s 13th annual general meeting (AGM) held on Wednesday.

This is the first major renovation being done to the Orlando, Florida, property since 2017/2018. The upgrade is expected to support higher average daily room rates at the 742-room property, which includes 70,000 square feet of meeting space targeting the meetings, incentives, conferences and exhibitions (MICE) market. However, the renovation timeline has now been pushed into 2028 as global supply disruptions and procurement challenges complicate the project.