Tuesday, August 15, 2006

The Latest in Condo Hotels

Condo hotels are the hottest thing in the hospitality industry right now, but a market study indicated investor demand may drop and many projects planned will not be built. Condo hotel are newly built or converted hotels. These buildings operate like hotels, but units are sold as condos but are rented out like hotel rooms, owners have the option not to rent it out. These condo hotels are in the hotel business, and will follow the supply and demands of hotel rooms. Orlando condo hotel market is expected to soften which means projects may not be executed. This study showed 103 condo hotels with 76 under construction. 56% of the condo hotels reside in 4 cities Las Vegas, Orlando, Miami, and Fort Lauderdale. Orlando has 47 condo hotel projects underway two located in tourist areas, and two in downtown Orlando. Right now the hotel business is looking good. Courtesy of Orlando Sentinel 8/15/06.