Luxury condo hotels
Imagine Boardwalk and Park Place are all yours......usually leads to a victory in Monopoly.....but what about for real?
The hybrid concept of a luxury hotel that sells some of it units as condominiums has become one of the most popular trends in the industry in recent years. The trend blossomed as a means for hotel developers to raise necessary capital to launch their projects and has developed steam with buyers that want to be associated with a luxury brand.
Condo-hotels in the past two or three years have expanded beyond traditional markets in ski resorts or Hawaii and into other tourist destinations such as Orlando and Las Vegas. An estimated 30 projects currently are under construction in South Florida an it is expected that the Orlando area and the Miami-Fort Lauderdale area each could have as many as 10,000 units in the next few years.
Hilton, Four Seasons, Marriot, Starwood and the Ritz-Carlton are all players in this hybrid market.
Hotel-condo hybrid growing trend in Florida, nationwide [Palm Beach Post]