As among the world’s best holiday destinations, Orlando presents amazing weather, unparalleled theme parks, incredible shopping, championship golfing and near proximity to top-notch beaches.
From the hospitality area, the city has long been noted for its many hotels and timeshares. But now, it has also taken a leadership position in the condo-hotel market with more properties undergrowth than any other town in the nation.
CONDO HOTELS OFFER HASSLE-FREE OWNERSHIP
Because condo hotels are a new kind of vacation home ownership, it’s not surprising that they’re popular in Orlando, the holiday capital of the world.
These fabulously-furnished condominium suites in luxury hotels and resorts provide visitors with excellent amenities such as full-size spas, state-of-the-art health clubs, resort-style pools, extravagant clubhouses, upscale restaurants and 24-hour concierge services.
Owners are able to use their condo resort holiday homes when they want and place them in the hotel’s rental program the rest of the time. They will receive a share of their earnings their unit generates, typically about 50%. Since the onsite hotel management company takes care of finding guests and maintaining and managing the home, condo resorts offer hassle-free possession.
Greater Orlando has about 120,000 resort guest rooms. While that’s far more than many U.S. cities, many hotel and condo hotel developers are confident there is still room for expansion within this popular tourist destination and convention destination. They mention the following facts about the Orlando market as the reasons for their assurance:
- · Approximately 50 million visitors come to Orlando annually, and that number is constantly growing.
- · Orlando is the holiday capital of the world. With new attractions always being built, it shows no signs of relinquishing that prestigious title.
- · Hotel occupancy rates in Orlando are historically 73%, although a lot of properties report occupancy rates of over 83%. These prices are among the maximum occupancy rates in the nation.
- · Orlando’s average daily rate of rooms is 4 percent above the national average.
- · The Orange County Convention Center in Orlando is the third biggest in the nation, allowing it to draw significant trade shows and conventions and maintain hotel rooms stuffed year-round. More than one billion delegates attend conventions at the Orange County Convention Center each year. In 2005 and 2006 Orlando was able to absorb lots of the conventions and trade shows planned for the Louisiana Superdome.
- · Attendance at Orlando’s theme parks grows annually, and also their reach extends far beyond U.S. boundaries. The theme parks spend millions of dollars every year on global marketing and promotions. Attendance at Disney’s Magic Kingdom, the area’s biggest theme park, is estimated at over 15 million annually.
- · Orlando is strategically positioned in the middle of the state, which makes it an easy trip from Florida cities northwest, south, east, and west.
- · Orlando International Airport is seeing yearly increases in traffic of about 20%, which makes it one of the top 20 busiest airports in the U.S. and within the top 30 for your entire world.
- · Florida is the single most preferred state by Americans for a recreational property buy in line with this ARDA (American Resort Development Association).
- · Foreign buyers favor Orlando over other Florida and U.S. cities. They account for 23 percent of Orlando home sales, according to the National Association of Realtors. International buyers are more inclined to purchase higher-priced homes, and these purchases are most likely to be utilized as a holiday home (38 percent ) or as an investment property.
MANY CONDO HOTELS ALREADY UNDER CONSTRUCTION
You will find 15 to 20 condominium resorts currently selling units or under construction in Orlando. Many more are at the planning stage, including a number that will be large-scale, mixed-use projects including spas, golf courses, city facilities, restaurants, and stores. Some of the greatest jobs are over 1,000 units and will include water parks, movie theaters and entertainment venues as onsite attractions.
Some of The Dawn Condo Hotel in Melaka will be new construction while some will be conversions of existing resorts and hotels.
Some of the condo hotels will have renowned franchise operators such as Sonesta, Starwood and Hilton while some others will be run by independent hospitality firms.