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Industry News
LANDMARK
FLORIDA HOTEL TO GO CONDO HOTEL
Bilmar
Offers Beachfront Condos for Sale
Treasure Island, Fla.
- The Bilmar Beach Resort in Treasure Island, a 40-year
old landmark property, has decided to join the recent
condo hotel trend and will convert its 154 rooms into
condo hotel units. These units will be available for
purchase by individual owners who can use their unit
when they want or place it in the hotel's rental program
and share in the revenue it generates.
The condo hotel wave which began in
Miami has been sweeping through Florida in the past
two years as well as spreading to other parts of the
country such as Las Vegas, Chicago and California.
In some cases, condo hotels are built from the ground
up. In others, they are conversions of existing hotels.
The Bilmar will be one of the first large-scale properties
on Florida's Gulf coast to convert to the condo-hotel
ownership model.
"All 154 rooms will be part of
a complete turn-key program which allows for hassle-free
ownership," said Barry Bartley, general manager
of the Bilmar since 2000.
"Owners can use their unit for
several weeks out of the year. When they're not using
it, the hotel rents it for them and gives them a percentage
of the revenue it generates. They can have piece of
mind knowing their room is being maintained and rented
out for them by a professional management company
with a proven track record."
As part of the conversion, the Bilmar
is undergoing a $7 million renovation and expansion.
Already the improvements to the property have garnered
it an upgrade in its AAA rating from two diamonds
to three.
The renovation is being handled by
Frazee, Inc. an Atlanta-based company known for its
extensive renovation experience which includes projects
for many brand-name franchises including Marriott,
Hyatt, DoubleTree, Radisson, Hilton, Sheraton and
Crown Plaza.
The Bilmar Beach Resort consists of
three buildings: an eight-story, a four-story, and
a three-story. As part of the renovation all buildings
will receive updated electrical and plumbing systems,
HVAC, roofs, and elevators.
All individual rooms will be gutted
and given extensive upgrades including kitchenettes,
granite countertops, crown molding, flat-screen TVs,
new fixtures and designer furnishings. The renovation
is expected to be complete by December 2005.
The Bilmar has a premier location
on 550 feet of beach. "This is an opportunity
for someone to purchase revenue-generating oceanfront
property with great appreciation potential and not
have any of the concerns of being a landlord,"
explained Barbara Bateman, director of sales for the
Bilmar.
"The Bilmar has a long history
operating as a successful hotel. We expect our large
and loyal following to continue to keep our rooms
filled when we become a condo hotel, particularly
when guests see all of the upgrades that have been
made to the property."
Boykin Management Company, which operates
over 8,000 rooms nationwide in premium resorts and
hotels like Marriott, Hilton, Doubletree and Radisson,
will run the Bilmar's condo hotel management program.
The Bilmar's 154 condo hotel units
for sale consist of studios, efficiencies, one-bedrooms,
two-bedrooms and a few penthouses. Nearly all of the
rooms offer panoramic views of the Gulf of Mexico.
They can be purchased now at pre-construction prices.
Contact info@CondoHotelCenter.com,
305-944-3090,
for more information on the Bilmar. Or you
may wish to first read our Featured
Property listing and our Property
Alert on the Bilmar.
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