Investors buy Sheraton Safari near Disney

The Sheraton Safari Hotel and Suites near Walt Disney World has been bought for an undisclosed price and its new owners are planning a $25 million renovation.

AREA Property Partners and Winston Harton Holdings LLC, both based in New York City, announced their purchase of the 489-room hotel Tuesday. The companies said they will begin extensive renovations of the facility immediately, and plan to complete the project by spring 2012. Once renovated, the hotel will keep the Sheraton brand.

Located at 12205 S. Apopka Vineland Rd., the Sheraton Safari is just outside the gateway to Walt Disney World's hotel plaza.