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Cheeca Lodge Two-Bedroom Units
with Unique Lockout Feature

Question

I'm interested in a two-bedroom, two-bath unit at the Cheeca Lodge & Spa condo hotel in Islamorada, Florida. Can you explain what is meant by the two-bedroom, two-bath unit that has a lockout feature? Also, do you think this is a good feature to have?

Joel's Response


At the Cheeca Lodge & Spa a two-bedroom, two-bath with a lockout option gives the owner the ability to use or rent the unit as a 2/2 or to use or rent only one bedroom and one bath and offer the remaining space as a completely separate unit consisting of a studio with bath.

Regarding whether this feature is worth having, it definitely is in my opinion, as it offers more options and therefore opportunities for your unit to be rented.

Some more facts for you to consider regarding Cheeca Lodge. Unlike most condo-hotel projects that are brand new with no history, the Cheeca has been around for over 50 years.

Unfortunately though, the occupancy records have only been recorded for the development as a whole. Cheeca does not have any records showing the occupancy rates of the individual rooms or types of rooms. But, when a property has been showing occupancy of over 80% annually, how much difference can there be from one product type to another?

Because this resort has always been such a family-oriented property (Camp Cheeca and lots of kid activities) and because there has never been enough availability of a 2/2 (they currently must be reserved far in advance to assure that the adjoining rooms are available together), I feel that the 2/2s both with and without lockouts will have the highest occupancy rates of any product on the property. The Cheeca has a long history as one of the finest hotels in the Florida Keys. It is a member of Small Luxury Hotels of the World and is part of the RockResorts portfolio of fine hotels.

It has a tremendous following-some families are now into their third generation of family members visiting the Cheeca, not to mention a fair amount of celebrities and their families. Now with new, world-class renovations and upgrades being made (over $20 million dollars worth), it should only see an increase in occupancy rates.

The above question was submitted via e-mail by a visitor to www.condohotelcenter.com. The answer was prepared by Joel Greene, a licensed real estate broker with Condo Hotel Center which specializes in the sale of condo hotel units and fractional ownerships in private residence clubs.

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