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  1. #1
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    Default Orlando hotel converstions and Condohotels

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    System: The following message was cut out of thread at: forums/viewthread/182/ by Gus - 5:40am on Nov. 6, 2006
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    Good afternoon Gus:

    You are right about Orlando's prices compared to say Miami & Las Vegas. You can buy a great little hotel converstion close to the attractions for $350.00 per square foot, that will give our clients a 75% plus occupancy rate due to their proximity to all the area attractions. There is the Whyndam Gardens, Legacy Grand and Saralogo. These properties are hotel & suite converstions and are priced from the $160,000's.

    Another great area of growth is the Convention Center (the second largest in the US and fully booked untill 2026) & International Drive corridor. Prices per square foot are between $575,00 0 to $715,000 per square foot and are flagged by companies like the Westin and the Intercontenenial hotel chains!

    Some of my favorite Condohotels are the Blue Rose, The Village of Imagine, Vista Cay, The Regecy Suites, Plazzo Del Lago and the San Marino. All are currently being built and offer excellent developer specials and incentives. I have current information on all of these properties in the way of an on-line brochure.

    Orlando is also getting the second Waldorf Astoria in the country, a Four Seasons Hotel and Walt Disney World is building a huge mall with Harrods, Corte Ingles, La Fayet and Japan Magazine as their main ancores. So while the marketplace has cooled in much of the US, Orlando is still simmering and doing better than most areas. But how cool will that be that this little citrus town offers so much to such a wide variety of people. We are feeling very grown up now, as Orlando is more than Days Inn and Motel 6. Also, there is a price point for everyone, so at this time really no one is locked out of the market.

    The key ingrediants to the success of these developments is that Orlando now offers so many ammenties for both the domestic traveler and the business traveler that more and more people come here each year to either conduct business or simply vacation. With our huge Internationa Airport, getting here is now very afordable and easy, Orlando offers world class theme parks that people never seem to get tired of, and now with the second largest convention center in the U.S., there could never be a better time to look this way.

    We are having such a great time meeting people from all over the world because of these interresting hotels and conversions if you have not been to Orlando lately, you might want to come visit. There is so much to do and see now. I might even meet up with you and have a drink!

    Val :coolsmile:

  2. #2
    Gus
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    Great topic, Val. You made a distinction for me about the difference between a hotel conversion and a condo hotel. Thanks!

    I never realized it before, but we have hotel conversions happening in Miami Beach too. I can think of: Nicky O, Pelican, and the Shore Club. I'm sure there's more. These properties should all be called hotel conversions, but in Miami we still call them condo hotels.

    "You can buy a great little hotel converstion close to the attractions for $350.00 per square foot, that will give our clients a 75% plus occupancy rate due to their proximity to all the area attractions. There is the Whyndam Gardens, Legacy Grand and Saralogo. These properties are hotel & suite converstions and are priced from the $160,000's."


    This sounds like a sweet deal. Far better than a timeshare.

    If you have an entrepreneurial spirit, can you can market your unit online yourself to help increase the occupancy?

    Since it's close to the attractions, can you can make your unit available to family and friends, and make a few bucks?

    I can see how a hotel conversion would be a good investment for a wide range of buyers:

    • Families with kids and grandkids
    • Business travelers who frequent Orlando
    • Snowbirds
    • Florida residents
    • Orlando first time home buyers

    Interesting to hear about Disney's new luxury shopping mall.

    Sounds like you know your stuff about Orlando.

    Does anyone know the average price per square foot, and the projected occupancy rates of the Miami condo hotels?

    I've read articles in the Herald that give the straight scoop on occupancy rates. If anyone knows, please post it here.

    And I also wish someone would come up with a definitive name on what to call these types of investments. Is it: condo hotel; condo-hotel; condohotel; condotel, or hotel conversion?

    From now on, I am calling any new building, or high rise condominium that is being converted a condo hotel.

    Any Miami Beach Art Deco hotel that's being converted is a hotel conversion.

    I'll make up my mind later about what to call oceanfront resorts going condo hotel.

  3. #3
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    Hey Gus, quick point on the Condo-Hotel. This concept can really take off once our market stablizes and foreign investors feel better about the condo market especially from the Europeans, with the euro being where it is. And their very appealing because of the name and the image they carry. These corporations like the W, and the 4 Seasons, have enough money coming in from other areas, enough to carry these monsters during the drought. Plus celebrities love those kind of investments too. Regarding the occupancy rate, its hard to tell. Im sure its low this year. But theoretically I think the number to use should be around 75%. But I doubt we are there right now.

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    Actually Albert, in Orlando right now the occupancy is right at 75% in the hotel conversions, such as Legacy Grand and Wyndam Gasrdens. Because Orlando offers so many diverse reason to come here our occupancy tends to be more consistant than maybe other areas in the state. but 75% is a good number indeed. Also, I have it from a tour operator that reservations are up 35% from January 2007 than last year, so we should be seeing many more visitors this coming up year than we did last, which in my business is great news.

    I was with the sales rep for Legacy Grand this afternoon and he told me that this conversion is going to be branded a Crown Plaza Hotel. This is great news as Albert, you are 100% correct, flags sell consumers. In Orlando it is all about flags. With so much competition for rooms it really makes a difference.

    That is one of the reasons why when selling these conversions, I always look to the flag as that will pretty much verify real room night rates and occupancy rates. I think that is why this new type of property ownership is doing so well, when a consumer merges with these huge hoteliers, you are right Albert, the big guys can ride out any declines in occupancy. Orlando makes scense because of the convention center and attractions, the risk is minimized to a certain degree. Barring any world catastropies, our economy here in Orlando continues to be robust. Great input Albert.



    Right now in Orlando the Westin is building a brand new resort called the Village of Imagine, the Intercontenetal Hotel will be the flag for Plazza del Lago, this is huge business for both the hotelier and the owners as they both benifit from this unique partnership.

  5. #5
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    Gus:

    I would be intersted in any hotel conversions you guys have in Miami as most of our clients are international and Miami is of great interest to them.

    Thanks!

    Val

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    Hey Val,

    I have a client which I may be driving up to Orlando with, if so I will be sure to contact you, so you can give us your presentation.

  7. #7
    Gus
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    Great! I will post them on our web sights too. Al bert, I e-mailed you my contact deatils so that we can arrange a time and date to veiw properties, I look forward to meeting you! Thanks again Gus!

    Val

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    Valerie have you heard of a place up your way in Kissimee called Arbors of Sendera?
    Well they're 2/2 condo conversions. Awesome incentives but I don't the market up there very well.

  10. #10
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    This is a new conversion, so I do not have all the details as of yet, I will go there this week and get everything to see what all they offer. What would you be using this for? Investment, vacation rentals, personal? The reason that I ask is that this location is not that great for vacation rentals because it is so far fron WDW. Given it is just 10 miles, the traffic is horendous. But there is a huge hospital and airport where people come from all over the world for flight school so you would get rentals that way.

    If you are looking for hotel conversions, I might recomend the Legacy Grand, which will be a branded Crown Point Hotel. The locations for these conversions are right at the entrance to WDW and are already operating hotels. The occupancy is great and the rehab is unreal. The owners are taking the rooms down to the studs and re-doing them compltely, so you would have a very nice unit. ALso there is the Whyndam Gardens and those units are very nice and also very close to WDW. So, depending on what it is you are looking for, we have the inventory with good developer specials. If you don't mind, give ne an idea of what you are looking for and I will send you suggfestions based on that info. Give me a price range too. Look forward to hearing from you!

    Val :coolsmile:

  11. #11
    Jim
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    Hey everyone...Valerie really knows where the deals are.

    She referred a client who contacted me about a 100% purchase of a property in Lehigh Acres.

    I don't know much about real estate; however when a person can buy over 1800 Sq ft in Fort Myers and pay $188,000 for a 3 bedroom 2 bath property with a screened patio and air conditioning.. my sense tells me it's another "Valerie" deal!!

    Girl knows her "real estate".

    Way to go Val :)

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