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Condo Hotel Center: Property
Alert
February
18, 2004
Orlando
Condo Hotel, Available at Pre-Construction Prices
LAKE BUENA VISTA RESORT VILLAGE & SPA
 Hello. Joel
Greene here. Today I'm going to take a back seat and
introduce you to one of our broker-associates, Bob
Ostrander. Bob is Condo Hotel Center's Orlando representative.
With more than 15 years
in Orlando real estate, he is also the resident expert
on today's Featured Property. He has met with the
developers and walked the site. So without further
delay, take it away Bob.
Bob speaking now. Good
to "meet" you all. As Joel mentioned, I'm Condo Hotel
Center's eyes and ears in the Orlando and Central
Florida area.
Permit me to set the
stage for today's Featured Property by giving you
a little background on the general buying climate
here in my neck of the woods.
Orlando Enters
the Condo Hotel Game
What we're seeing is nothing
short of astounding. Orlando has entered the condo
hotel frenzy with great zeal. In the past year, this
area has gone from having no condo hotels to having
more than a half dozen in pre-construction and construction
phases. And more are sure to follow. No doubt the
Orlando area is still in the first inning of condo
hotel development, but it is certainly in the game.
And today's Featured Property has all the makings
of a home run.
Lake Buena Vista Resort Village
& Spa
Lake Buena Vista Resort Village & Spa is located
on 38 acres of prime land in Lake Buena Vista, the
resort area of Orlando. Expected to receive a 3.5-
or 4-star rating, the property will consist of 15
buildings to be built in various phases.
Lake Buena Vista Resort Village & Spa
will consist of 15 buildings, a total of 1,875 condo
hotel units.
The first two buildings of Lake Buena
Vista Resort Village & Spa, already under construction,
will be eight stories. Building #3 will be the clubhouse
with various amenities including a full-service spa,
business center and retail stores. Buildings #4 -
#15 will be 15 stories.
There will be a total of 1,875 condo
hotel units when complete, so we're talking about
a monster-sized development with a massive amount
of long- and short-term appreciation potential.
An Impressive City Within
a City
Lake Buena Vista Resort will be a city within a city.
If once you get here, you choose not to leave the
resort, (highly unlikely since we're talking about
Orlando, the #1 vacation destination in the world),
you'll find plenty to keep you busy and happy on the
premises.
Lots of Amenities
- A full-service spa
- Six swimming pools
- A state-of-the-art fitness center
- Business center
- Over 1,000 sq. ft. meeting space
- Four restaurants
- Three lounges and pool bar
- Tennis
- Game rooms
- Sheltered parking
The condo hotel units will be delivered
to you fully furnished with upscale features. Everything
you could want or need to make this your home away
from home is included.
Upscale Unit Features
- Tommy Bahama furniture and accessories
(top of the line, casual yet refined)
- Tile and granite, kitchen and
baths
- Granite kitchen countertops and
vanities
- Microwave oven
- Designer bath fixtures
- Jacuzzi Roman tub
- Washer and dryer in all units
- Pre-wired cable TV and wireless
high-speed Internet
High-end Services
- 24-hour concierge services
- 24-hour security
- Secretarial services
An Outstanding Location
If you come to Orlando, you want proximity to everything
that makes Orlando great. And that's just what you'll
get with Lake Buena Vista Resort Village & Spa.
It
is just minutes to any of the Orlando theme parks:
Walt Disney World's Magic Kingdom, Epcot and MGM Studios;
Universal Studios and its sister park, Islands of
Adventure; and Sea World and its new sister park,
Discovery Cove.
There will be shuttle service from
Lake Buena Vista Resort Village & Spa to the Disney
parks.
There are 37 golf courses within a
12-minute drive. There are also numerous activity
centers, literally hundreds of restaurants, museums,
nightspots and much more nearby. I frequently have
relatives and friends from out of town who come to
visit me, and believe me when I tell you they find
the amount of things to do here mind-blowing.
Lake Buena Vista Resort Village
& Spa is located next to the Lake Buena Vista
Factory Stores (near center of map) with close
proximity to area theme parks and attractions.
A Shopper's Dream
For those of you who prefer shopping as a diversion,
Lake Buena Vista Resort is a shopper's dream. While
there are nine (yes nine!) malls nearby, on 30 acres
adjacent to the resort is the new but already very
popular Lake Buena Vista Factory Stores, an outlet
shopping center.
 The
shopping center (pictured left) boasts an impressive
roster of upscale tenants including Liz Claiborne
Outlet, Old Navy Outlet, Oshkosh B'Gosh Superstore,
Reebok, Samsonite Company Store, Sony/JVC, Gap Outlet,
Borders and many more name-brand retailers.
As a Vacation Home
At Lake Buena Vista Resort Village & Spa owners
are not required to participate in the rental program.
In fact, unlike most condo hotels that you'll find
in other parts of the country, there are no living
restrictions at the Lake Buena Vista Resort Village
& Spa. Use your condo hotel unit one day, 10 days,
or 365 days a year.
If you wanted, you could make Lake
Buena Vista Resort Village & Spa your permanent
home, or you could become what we Floridians call
a "snowbird" and just use your Florida home
during the winter months.
As an Investment
As most of you know, condo hotels are sold primarily
as "real estate with a lifestyle" not as
an investment. Lake Buena Vista Resort Village &
Spa combines the top reasons for visiting and living
in Orlando - shopping, attractions, and business --
into one luxurious, comfortable, and family-fun atmosphere.
However, if combining a resort lifestyle
with investment potential is what appeals to you,
consider the following three definitive benefits for
investors:
1)
A High Revenue Split
- The revenue split for condo hotel owners is higher
that what we see at most developments. Typically,
the revenue is split 50-50. In the case of this project,
although a final decision has not been made, over
65% is expected to go to the unit owner.
2)
Potentially High Occupancy Rates
- Besides the fact that Orlando hotels
have some of the highest occupancy rates in the country,
ranging from 72%-83%, this property has an added plus.
It is located just a few miles from Walt Disney World.
Visitors who don't want to stay right on Disney property
will see Lake Buena Vista Resort Village as an excellent
alternative. The resort is also likely to get the
overflow when Disney's hotels are full.
The resort's location near convention
centers will also have a positive impact on occupancy
rates. Lake Buena Vista Resort Village is very close
to the Orange County Convention Center which is the
second largest convention center in the country with
over 2.1 million sq. ft. of meeting space. More than
1.5 million people visit it annually.
It is also near to the Osceola Convention
Center, a $98.5 million project under development.
It will have 500,000 sq. ft. of meeting and exhibit
space and is scheduled to open in spring 2007. Combined,
the two convention centers will bring millions of
people to the area, all of whom eventually have to
sleep somewhere.
3)
Appreciation Potential
- The condo hotel concept has
only recently come to the Orlando area but already
it is receiving lots of attention from investors within
the state of Florida, throughout the country and even
internationally (especially among investors from Great
Britain who find the property values particularly
appealing).
No doubt, as future developers break
into the market, they will do so at higher and higher
prices. Buyers who get in early will likely see their
units appreciate. I should mention too, that housing
prices in Orlando rose 19% in 2004 over 2003, another
very positive indicator for this area.
Bottom line, this property should
do well for the investor.
A Quality Team Involved in
the Project
Lake Buena Vista Resort Village & Spa is being
developed by an impressive team of seasoned professionals
who operate under the name Lake Buena Vista Resorts,
LLC. The managers are Sam Sutton and Robert Sutton
(brothers) and Larry Cohen.
The Suttons have solid retail and
housing development backgrounds in both Texas and
Florida. Larry Cohen has a hospitality background
with more than 20 years developing and marketing resorts
and hotels in the Orlando area. This team has the
vision, the contacts and the know-how to make the
property an unqualified success.
A management company for Lake Buena
Vista Resort Village has yet to be determined, however,
negotiations are underway with one of the leading
vacation management companies in the world.
What's Available
In an effort to keep construction at pace with realistic
milestones, the developers temporarily put a halt
on sales activity when the first phase sold out at
lightning speed with virtually no advertising or marketing.
Now, as construction is well underway, the halt is
once again a forward-march!
Construction on Phase I of Lake Buena
Vista Resort Village is already in progress.
Currently available are two-, three-,
and four-bedroom condo hotel units ranging in size
from 1080 sq. ft. to 2170 sq. ft. It's worth noting
that very few condo hotels offer three- and four-bedroom
units. Often you have your choice of only studios,
one- and two-bedrooms.
Construction on Phase I of Lake Buena
Vista Resort Village is already in progress and scheduled
for delivery in December 2005. Phase II completion
will take place toward the end of 2006. Phase III
completion will occur summer 2007.
How to Reserve a Unit at
Lake Buena Vista Resort Village & Spa
The resort offers an excellent opportunity to get
a condo hotel unit as a vacation home/investment property
in exciting Orlando, Florida. Prices today range from
$349,000 to $699,000.
Units can be reserved with a $5,000
non-binding deposit; balance of 10% due in 15 days,
and an additional 10% due in 45 days. (Bottom line:
20% in 60 days.)
I can email a data sheet on this property
that will give you further details.
With your request, you must include
your:
NAME
ADDRESS (no P.O. boxes please)
PHONE NUMBER
EMAIL ADDRESS
Click
here to request data sheet.
Thanks for Your Interest
So there you have it: Orlando's newest
condo hotel available at pre-construction prices.
As always, thank you for your interest in our Condo
Hotel Center Property Alerts. And, Joel, thanks for
sharing the spotlight with me today.
If you know anyone else who'd like
to receive our Property Alerts, you may feel free
to forward this e-mail to them and have them sign
up for this newsletter on our website, www.CondoHotelCenter.com.
Have a great day!
Joseph Sgarlata
Condo Hotel Center
A division of Sheldon Greene & Assoc., Inc.
13499 Biscayne Blvd., Ste. 210
N. Miami, FL 33181
PH: 305-944-3090
FX: 305-948-0460
info@condohotelcenter.com
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