Looking into The Condo Hotel Florida Market

Condo Hotels were first built in Miami in the late 1950s, and in the 1970s it is creating a huge wave with so many buyers eyeing a condo hotel for themselves. However, when the projected return of investments were not met, lawsuits followed.

Now condo hotels are again taking the centerstage with their comeback. In this post, we will look into Florida and its condo hotel market, why should you invest and what makes it so unique?

Floridas Tourist Attractions

Florida is big in tourist attractions, the beach alone invites over 60 million people from all over the world every year. The most famous of these beaches are Florida Keys and Daytona Beach both of which are best known as Spring Break Destinations.

In Orlando, Florida boast of its best amusement parks that is being visited by people all year round. It is one of the most favorite family vacation destinations in the world. The amusement parks in Florida include the very famous Walt Disney World Resort, which is the orginal Walt Disney park complete with its own hotel. The other two must see theme parks in the state are the Universal Orlando Resort which is the second largest resort in Orlando, Florida (of course it is next to Walt Disney); and SeaWorld, a marine mammal park where people can see the marine animals first hand, but of course in a safe place.

Due to this numerous tourist spots, Florida gained the reputation of having two seasons only, the busy one and the busier season!

State of Condo Hotel Market in Florida

Hotels and timeshares are prevalent in the state because of its very busy season no matter what time of the year may it be. It is no wonder why condo hotels are not that far behind the hospitality game.

According to Joel Greene in his article Condo Hotel Trends, the Miami Beach in South Florida, which happens to be the hottest spot because of its appeal to many vacationers, is getting all built up. So the options left for the developers and buyers alike are to either go north or convert the already established hotels, apartments or condominiums into condo hotels. Of course, condo hotel developers may also choose to develop their condo hotel inland meaning they do not have oceanfront views but are still very near the beach.

There may be 120,000 hotel guest rooms in Florida but developers are still going gaga over this sweet state because of the following reasons that Bob Ostrander stated in his article:

• Approximately 60 million visitors come to Orlando each year, and that number is continually growing.
• Orlando is the vacation capital of the world. With new attractions continually being built, it shows no signs of relinquishing that prestigious title.
• In addition to theme parks, Orlando attracts visitors with its 200+ championship golf courses, 800+ tennis courts, numerous world-class shopping venues, and a high concentration of lakes ideal for fishing and water sports.
• Hotel occupancy rates in Orlando are historically 73%, although many properties report occupancy rates of over 83%. These rates are among the highest occupancy rates in the country.
• Orlandos average daily rate for rooms is 4% above the national average.

  The Orange County Convention Center in Orlando is the third largest in the country, enabling it to attract major trade shows and conventions and keep hotel rooms filled year-round. Over one billion delegates attend conventions at the Orange County Convention Center each year. In 2005 and 2006 Orlando was able to absorb many of the conventions and trade shows planned for the Louisiana Superdome.

• Attendance at Orlandos theme parks grows annually, and their reach extends far beyond U.S. borders. The theme parks spend millions of dollars each year on worldwide marketing and promotions. Attendance at Disneys Magic Kingdom, the areas largest theme park, is estimated at over 15 million annually.
• Orlando is strategically positioned in the center of the state, making it an easy visit from Florida cities north, south, east and west.
• Florida is the single most preferred state by Americans for a recreational property purchase according to the ARDA (American Resort Development Association).

  Foreign buyers favor Orlando over other Florida and U.S. cities. They account for 23% of Orlando home sales, according to the National Association of Realtors. International buyers are more likely to purchase higher-priced homes, and these purchases are likely to be used as a vacation home (38%) or as investment property.

Whats not to love about Florida?!

Now, dont get too excited, there may be a lot that Florida and it cities have to offer. Investors may have their eyes gleaming with excitement because of all that return of investments they may get. One caution though, if it looks too good to be true, it probably is.

As expected, a property in Florida will be costly especially if it situated in a very crowded and high trafficked place. In Orlando, you can expect to pay $400 - $700 per square foot. You can find a luxury unit with resort amenities starting at $350,000. In South Florida, most condo hotels start at $500,000 and up, significantly more if theyre oceanfront. Miami condo hotel units range from $1,000 to $2,400 per square foot, and Ft. Lauderdale condo hotels range from $1,000 to $1,300 per square foot.

Is the price too high? Well, apparently it isnt with developers still building condo hotels in the area. Buyers still prefer the state to have their one-of-a-kind property built probably because of the large number of people going in, but obviously, the attractions are not very far from the reasons why.

Available Condo Hotels in Florida

Light House Key Spa and Resort - Kissimmee, Florida

Amenities include clubhouse, movie theater, spa, heated pool and a kiddys pool, tennis, volley ball, poolside cabana and bar, caf, business center and on site management. It is situated adjacent to a 69 acre ski lake, minutes away from International Drive, the main theme parks, and the prestigious golfing community of Champions Gate.

Runaway Beach Club - Kissimmee, Florida

An island oasis neighborhood five miles from Walt Disney World, offering quick and easy access to area shopping, dining, recreational activities, amusement rides and other entertainment venues. One-, two-, and three-bedroom suites are available.

If you want to have more information on the aforementioned condo hotels then I suggest you contact the Real Estate Investment Group.

The Real Estate Investment Group, Ltd. is a leader in the condo hotel market. With national recognition in Chicago based news radio and television, we are able to bring our negotiation skills to the table and present luxury properties to the public with a variety of perks and incentives. You may visit Own a Hotel Room to learn more about them or visit the Condo Hotel Blog to learn how to own a hotel, one room at a time.

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