Residents in a MetroWest neighborhood say landlords are ripping off foreign workers employed at Universal Olrando's cultural exchange program.
Channel 9 found that six to eight people were living inside two-bedroom units at the Azur at MetroWest condos on Raleigh Street. The landlord was charging $3,000 per month for each unit when the going rate for other tenants is only $1,100.
Some neighbors said the overcrowded units are ruining the neighborhood.
"When they are here there's a lot of foot traffic, like a street party or something. People have their doors open. People are drinking," said Keith Tomasek, an Azur resident.
The California-based landlord is accused of several code violations. Universal said it has not yet confirmed a problem, but it pledges to continue reaching out to Azur residents to find a solution.
Source : http://www.wftv.com/
Feb 9, 2008
Condo-hotel developers adapt in a cooling Orlando market
International buyers have become the best hope for Central Florida's beleaguered condo-hotel developers, many of whom have truncated or indefinitely delayed their once-ambitious building plans.
During the real estate market's white-hot days several years ago, plans for condo hotels abounded. Projects totaling nearly 15,000 rooms were proposed throughout the region, and developers launched upbeat sales campaigns that promoted hotel rooms and suites as second homes with cash flow attached.
But only a handful of the projects have broken ground. The few that are moving ahead say they are focusing on overseas buyers, pitching their projects as good deals for those who can benefit from favorable currency-exchange rates. Foreign customers are a small group, however, not large enough to keep developments on track.
"We are not unlike everybody else in this market," said Gregory D. Lee, president of Jordan Development Group LLC, which is building WorldQuest Resort, a multi-phased condominium hotel off International Drive. "Nobody is going to move ahead with the program they intended. We are not going to be able to sell or build the volume we expected."
Lee said financing is a big obstacle. In the past half year, he said, the subprime-mortgage meltdown has made lenders skittish. That makes it harder for potential room buyers to find mortgages. Nevertheless, WorldQuest is finishing a 70-unit third phase this spring that will be added to the 170 units already open in what it planned as a 600-unit project.
Many who placed deposits on yet-to-be-built condo hotels two or three years ago were part of an investor frenzy that supercharged the entire real estate market. But as the market cooled, buyers withdrew.
"We had an incredible window open for 12 or 18 months where it seemed like the sky was the limit," said Larry Cohen, vice president of Lake Buena Resort Village & Spa. "It used to be you could get people to just walk in and sign a contract. Now it takes two or three visits and a lot of questions."
Lake Buena Vista Resort Village, which opened last year, continues to build, but at a slower pace. Cohen said 112 units were sold last year -- a third of the project's 2006 total. And prices have been reduced by 6 percent to 9 percent on units that start at $339,000.
Other projects have been less fortunate.
The Lexington, a condo-hotel conversion in downtown Orlando, went into bankruptcy last year and was sold last month. In Celebration, The Related Group closed its sales office last month for what was to have been a $200 million luxury condo hotel.
Developers have marketed condo hotels as vacation homes with advantages. Owners could use the rooms and suites whenever they pleased, but when they were away, the units could be rented, generating income.
Interest in the idea soared for a while, and several very large -- and expensive -- hotel plans were unveiled locally. Two of the biggest -- The Blue Rose on Universal Boulevard in south Orlando and the Palazzo del Lago/Intercontinental Resort and Residences on International Drive -- are still in the planning stage.
"We are finishing our design-development plans with the city," Blue Rose developer Camilo Aguirre said. "We changed the project, but it will have the same number of units."
Aguirre said he expects to close next month on a $1 billion joint venture with a European fund, allowing the 1,300-unit project to move ahead. The Blue Rose continues to market condo rooms, but Aguirre said the focus will be on overseas sales offices and markets in other parts of the United States.
"We are doing seminars in Northeastern cities, educating the snowbirds," Aguirre said.
Developers now plan to break ground on the 1,215-unit Palazzo del Lago later this year, with plans to open in 2010. The developer, Hospitality Development, continues to sell units as condos, but Chief Executive Officer Jerrold Krystoff said his company is no longer relying on condo sales to move ahead.
At Floridays Resort, a condo hotel that opened a first phase last year near Walt Disney World, the sales pitch has also shifted to international buyers.
"Things are going pretty well for us," said Neil Scott, Floridays' vice president. "Part of the reason is that we don't market in the United States at all. We did six [promotional] shows in Europe last year. Knowing where the market is today, we are doing OK. We would like to be doing better, of course."
Source : http://www.orlandosentinel.com/
During the real estate market's white-hot days several years ago, plans for condo hotels abounded. Projects totaling nearly 15,000 rooms were proposed throughout the region, and developers launched upbeat sales campaigns that promoted hotel rooms and suites as second homes with cash flow attached.
But only a handful of the projects have broken ground. The few that are moving ahead say they are focusing on overseas buyers, pitching their projects as good deals for those who can benefit from favorable currency-exchange rates. Foreign customers are a small group, however, not large enough to keep developments on track.
"We are not unlike everybody else in this market," said Gregory D. Lee, president of Jordan Development Group LLC, which is building WorldQuest Resort, a multi-phased condominium hotel off International Drive. "Nobody is going to move ahead with the program they intended. We are not going to be able to sell or build the volume we expected."
Lee said financing is a big obstacle. In the past half year, he said, the subprime-mortgage meltdown has made lenders skittish. That makes it harder for potential room buyers to find mortgages. Nevertheless, WorldQuest is finishing a 70-unit third phase this spring that will be added to the 170 units already open in what it planned as a 600-unit project.
Many who placed deposits on yet-to-be-built condo hotels two or three years ago were part of an investor frenzy that supercharged the entire real estate market. But as the market cooled, buyers withdrew.
"We had an incredible window open for 12 or 18 months where it seemed like the sky was the limit," said Larry Cohen, vice president of Lake Buena Resort Village & Spa. "It used to be you could get people to just walk in and sign a contract. Now it takes two or three visits and a lot of questions."
Lake Buena Vista Resort Village, which opened last year, continues to build, but at a slower pace. Cohen said 112 units were sold last year -- a third of the project's 2006 total. And prices have been reduced by 6 percent to 9 percent on units that start at $339,000.
Other projects have been less fortunate.
The Lexington, a condo-hotel conversion in downtown Orlando, went into bankruptcy last year and was sold last month. In Celebration, The Related Group closed its sales office last month for what was to have been a $200 million luxury condo hotel.
Developers have marketed condo hotels as vacation homes with advantages. Owners could use the rooms and suites whenever they pleased, but when they were away, the units could be rented, generating income.
Interest in the idea soared for a while, and several very large -- and expensive -- hotel plans were unveiled locally. Two of the biggest -- The Blue Rose on Universal Boulevard in south Orlando and the Palazzo del Lago/Intercontinental Resort and Residences on International Drive -- are still in the planning stage.
"We are finishing our design-development plans with the city," Blue Rose developer Camilo Aguirre said. "We changed the project, but it will have the same number of units."
Aguirre said he expects to close next month on a $1 billion joint venture with a European fund, allowing the 1,300-unit project to move ahead. The Blue Rose continues to market condo rooms, but Aguirre said the focus will be on overseas sales offices and markets in other parts of the United States.
"We are doing seminars in Northeastern cities, educating the snowbirds," Aguirre said.
Developers now plan to break ground on the 1,215-unit Palazzo del Lago later this year, with plans to open in 2010. The developer, Hospitality Development, continues to sell units as condos, but Chief Executive Officer Jerrold Krystoff said his company is no longer relying on condo sales to move ahead.
At Floridays Resort, a condo hotel that opened a first phase last year near Walt Disney World, the sales pitch has also shifted to international buyers.
"Things are going pretty well for us," said Neil Scott, Floridays' vice president. "Part of the reason is that we don't market in the United States at all. We did six [promotional] shows in Europe last year. Knowing where the market is today, we are doing OK. We would like to be doing better, of course."
Source : http://www.orlandosentinel.com/
Feb 6, 2008
Condo Hotels - Ideal Vacation Home for Busy Families
If owning a house was once the tangible evidence of a family having achieved success, today having a second home to visit on vacations has become the ultimate symbol of truly having arrived. But with limited time to spend actually using that vacation home, much less maintaining it, the perfect solution has been elusive.
Enter condo hotels. A new twist on the traditional vacation apartment or family beach house, condo hotels are hassle-free, amenity-rich properties for today´s well-to-do.
"Condo hotels are beautifully-furnished condominium suites located in upscale hotels and resorts," explained Joel Greene, president of Condo Hotel Center, a national real estate firm that specializes in the sale of condo hotels.
"Owners have access to all the wonderful amenities of a luxury hotel -- the pools, restaurants, fitness center and spa. They also get the benefit of all the hotel services like daily housekeeping, valet parking and a helpful on-site concierge. It's all the niceties most people want when they vacation."
Owners of condo hotel units can use their vacation home when they´d like. When they're not there, they don´t have to worry about maintaining it or finding someone to rent it. That´s because an on-site hotel management company takes care of all operational issues, including finding hotel guests to rent the condos.
According to Greene, owners receive a share of the proceeds their unit generates, usually ranging from 40%-60%. By participating in the hotel's rental program, they are more likely to receive a higher level of rental income than they'd achieve trying to rent out the condo themselves. "The hotel usually brings to the table a known brand, international marketing, a reservation system, name recognition and management expertise."
Many condo hotel owners say the option of a formal rental program helps them to justify the purchase of a vacation home. "I hesitated to buy a second home in the past because I knew we would only be able to use it a couple weeks each year," explained Cindy Canton, who recently purchased a condo hotel unit in Orlando. "A condo hotel was ideal for us because when we´re not there, the condo is rented to hotel guests. The revenue it generates helps cover its costs."
Prices for condo hotel units range from $200,000 to upwards of $2,000,000 for top-of-the-line homes. They are usually furnished by a professional designer and include all furnishings, appliances and kitchen items.
Condo hotel buyer, Steve Keeley, said he always wanted a second home for his family but didn´t want to take on the responsibilities of maintaining the property. He remembered the problems his parents faced with their beach house when he was growing up.
"Even though we only used the beach house in the summer, it was a year-round burden. I remember my parents having to deal with everything from burst pipes and rotting deck stairs to fading paint and renters who left the place a mess. I knew I didn't want the additional work and stress."
He said that when he heard about condo hotels, he knew he'd found the vacation home solution he'd been seeking. Keeley just put a deposit on a condo hotel unit at New Oasis at Sea Mist Resort, a to-be-built condo hotel in Myrtle Beach.
Condo hotels are beginning to appear in cities across the country. Some of the most prominent destinations are Fort Lauderdale, Orlando, Las Vegas, Myrtle Beach and the Caribbean. "The concept started in Miami," Greene said, "but it's definitely catching on throughout the U.S. And now we're also seeing condo hotels appear in Canada, Europe and places in the Middle East like Dubai. It is becoming a global phenomenon."
In addition, buyers are coming from all over the world, not just the U.S. W International, a London-based company that markets condo hotels in Great Britain, finds that U.K. buyers are enchanted with the condo hotel concept.
According to Ann Adenius, president of W International, they welcome the opportunity to have a vacation home in the U.S. and are especially enamored with Orlando, Florida. "Over 40% of the condo hotel units sold in Orlando last year were to British buyers," she said. "A condo hotel is perfect for them. They want to go on holiday once or twice a year in the U.S. but do not want to find renters or try to maintain their property from overseas the rest of the time," she said.
Most upscale condo hotels are operated by well-respected hotel companies like Hyatt, Trump, Hilton, Starwood, Sonesta and Ritz-Carlton that are known for their quality and guest services.
"I like to be pampered when I'm on vacation," said explained Merryl Sanders who recently decided to buy a condo hotel unit at the W Las Vegas, now selling in preconstruction phase. "I don't want to cook, clean or entertain the kids. I want to relax. With a condo hotel, my children can play in the pool. I can head to the spa and fitness center. And my husband will enjoy the casino. Everyone is happy."
While having a home-away-from-home is the primary reason for purchasing a condo hotel, some buyers say they like the concept because of its appreciation potential. Places like Las Vegas, Orlando, Miami and Myrtle Beach have seen double-digit increases in real estate values in recent years. Many condo hotel owners in those areas are counting on continued property appreciation. When they sell their vacation homes, they´re hoping to make a substantial profit.
"I bought a condo hotel to diversify my portfolio," said Jose Manerra who purchased a unit at the Kensington Royale condo hotel in Dubai, a place he said he is not planning to spend his vacations. "I was able to buy a five-star condo hotel for under $300,000. I´m looking forward to seeing decent annual returns and an increase in value when I´m ready to sell, probably in a few years."
Now Manerra, who lives in Detroit, says he´s looking for another condo hotel to buy. But this one will be in the U.S. closer to home, one he and his family are able to use as a vacation home as well as an investment.
"I´ve didn´t invest in real estate in the past because I didn´t want to be a landlord and take on all the responsibilities that come with it. A condo hotel gives you all the perks of ownership – a nice place to vacation, rent revenue, and appreciation potential -- without any of the hassles."
To learn more about condo hotels and see property listings, go to Condo Hotel Center, www.CondoHotelCenter.com. The real estate company, based in Miami, Florida, is the global leader in condo hotel sales and offers properties throughout the U.S. and the world.
Source : http://www.americanchronicle.com/
Enter condo hotels. A new twist on the traditional vacation apartment or family beach house, condo hotels are hassle-free, amenity-rich properties for today´s well-to-do.
"Condo hotels are beautifully-furnished condominium suites located in upscale hotels and resorts," explained Joel Greene, president of Condo Hotel Center, a national real estate firm that specializes in the sale of condo hotels.
"Owners have access to all the wonderful amenities of a luxury hotel -- the pools, restaurants, fitness center and spa. They also get the benefit of all the hotel services like daily housekeeping, valet parking and a helpful on-site concierge. It's all the niceties most people want when they vacation."
Owners of condo hotel units can use their vacation home when they´d like. When they're not there, they don´t have to worry about maintaining it or finding someone to rent it. That´s because an on-site hotel management company takes care of all operational issues, including finding hotel guests to rent the condos.
According to Greene, owners receive a share of the proceeds their unit generates, usually ranging from 40%-60%. By participating in the hotel's rental program, they are more likely to receive a higher level of rental income than they'd achieve trying to rent out the condo themselves. "The hotel usually brings to the table a known brand, international marketing, a reservation system, name recognition and management expertise."
Many condo hotel owners say the option of a formal rental program helps them to justify the purchase of a vacation home. "I hesitated to buy a second home in the past because I knew we would only be able to use it a couple weeks each year," explained Cindy Canton, who recently purchased a condo hotel unit in Orlando. "A condo hotel was ideal for us because when we´re not there, the condo is rented to hotel guests. The revenue it generates helps cover its costs."
Prices for condo hotel units range from $200,000 to upwards of $2,000,000 for top-of-the-line homes. They are usually furnished by a professional designer and include all furnishings, appliances and kitchen items.
Condo hotel buyer, Steve Keeley, said he always wanted a second home for his family but didn´t want to take on the responsibilities of maintaining the property. He remembered the problems his parents faced with their beach house when he was growing up.
"Even though we only used the beach house in the summer, it was a year-round burden. I remember my parents having to deal with everything from burst pipes and rotting deck stairs to fading paint and renters who left the place a mess. I knew I didn't want the additional work and stress."
He said that when he heard about condo hotels, he knew he'd found the vacation home solution he'd been seeking. Keeley just put a deposit on a condo hotel unit at New Oasis at Sea Mist Resort, a to-be-built condo hotel in Myrtle Beach.
Condo hotels are beginning to appear in cities across the country. Some of the most prominent destinations are Fort Lauderdale, Orlando, Las Vegas, Myrtle Beach and the Caribbean. "The concept started in Miami," Greene said, "but it's definitely catching on throughout the U.S. And now we're also seeing condo hotels appear in Canada, Europe and places in the Middle East like Dubai. It is becoming a global phenomenon."
In addition, buyers are coming from all over the world, not just the U.S. W International, a London-based company that markets condo hotels in Great Britain, finds that U.K. buyers are enchanted with the condo hotel concept.
According to Ann Adenius, president of W International, they welcome the opportunity to have a vacation home in the U.S. and are especially enamored with Orlando, Florida. "Over 40% of the condo hotel units sold in Orlando last year were to British buyers," she said. "A condo hotel is perfect for them. They want to go on holiday once or twice a year in the U.S. but do not want to find renters or try to maintain their property from overseas the rest of the time," she said.
Most upscale condo hotels are operated by well-respected hotel companies like Hyatt, Trump, Hilton, Starwood, Sonesta and Ritz-Carlton that are known for their quality and guest services.
"I like to be pampered when I'm on vacation," said explained Merryl Sanders who recently decided to buy a condo hotel unit at the W Las Vegas, now selling in preconstruction phase. "I don't want to cook, clean or entertain the kids. I want to relax. With a condo hotel, my children can play in the pool. I can head to the spa and fitness center. And my husband will enjoy the casino. Everyone is happy."
While having a home-away-from-home is the primary reason for purchasing a condo hotel, some buyers say they like the concept because of its appreciation potential. Places like Las Vegas, Orlando, Miami and Myrtle Beach have seen double-digit increases in real estate values in recent years. Many condo hotel owners in those areas are counting on continued property appreciation. When they sell their vacation homes, they´re hoping to make a substantial profit.
"I bought a condo hotel to diversify my portfolio," said Jose Manerra who purchased a unit at the Kensington Royale condo hotel in Dubai, a place he said he is not planning to spend his vacations. "I was able to buy a five-star condo hotel for under $300,000. I´m looking forward to seeing decent annual returns and an increase in value when I´m ready to sell, probably in a few years."
Now Manerra, who lives in Detroit, says he´s looking for another condo hotel to buy. But this one will be in the U.S. closer to home, one he and his family are able to use as a vacation home as well as an investment.
"I´ve didn´t invest in real estate in the past because I didn´t want to be a landlord and take on all the responsibilities that come with it. A condo hotel gives you all the perks of ownership – a nice place to vacation, rent revenue, and appreciation potential -- without any of the hassles."
To learn more about condo hotels and see property listings, go to Condo Hotel Center, www.CondoHotelCenter.com. The real estate company, based in Miami, Florida, is the global leader in condo hotel sales and offers properties throughout the U.S. and the world.
Source : http://www.americanchronicle.com/
Orlando Condo Owners Not Paying HOA Fees, OUC To Cut Service
More problems are plaguing a downtown Orlando condominium and the city is getting involved to help.
Eyewitness News learned the Metropolitan at Lake Eola is almost $40,000 past due on its utility bills. The Metropolitan's manager said the homeowners association is $120,000 in debt.
The reason, he said, is that 38-percent of the condo owners are either not paying their HOA fees or they're not paying enough.
"The core people that care are paying for those that don't and it's not fair," said Ian Stewart, a condo owner.
OUC said it probably won't cut the power, but there's a chance it will shut off the air conditioning to the building. The Mayor's office said city staff is exploring some options like tax breaks to help the building.
Source : http://www.wftv.com/
Eyewitness News learned the Metropolitan at Lake Eola is almost $40,000 past due on its utility bills. The Metropolitan's manager said the homeowners association is $120,000 in debt.
The reason, he said, is that 38-percent of the condo owners are either not paying their HOA fees or they're not paying enough.
"The core people that care are paying for those that don't and it's not fair," said Ian Stewart, a condo owner.
OUC said it probably won't cut the power, but there's a chance it will shut off the air conditioning to the building. The Mayor's office said city staff is exploring some options like tax breaks to help the building.
Source : http://www.wftv.com/
Jan 28, 2008
Home sales slump continues
Orlando-area home sales ended the year on a downward note, as single-family home sales dropped by 37 percent and condo sales in December saw a 66 percent decline, according to the monthly and year-end sales reports from the Florida Association of Realtors.
The Orlando area saw existing condo sales fall from 320 in the last month of 2006 to 108 last month. For the year, 2,141 condos sold in the Orlando area, a 57 percent decline from the 4,933 sold in all of 2006.
December median condo prices also saw a 7 percent drop, from $163,600 in December 2006 to $152,300 in December 2007. For all of 2007, the median condo price fell to $158,500, 5 percent less than the $166,100 posted in 2006.
Single-family homes also saw slower sales, both in December and for the year, the association's report says. Sales were 1,134 last month, which compares with 1,790 in December 2006. The median home price fell 13 percent in December, from $260,800 in 2006 to $226,100 last month. Year-end sales totaled 17,143, also a 37 percent decline from the 27,212 sold in 2006. The median sales price on single-family homes was $248,900 in 2007, 5 percent less than the $262,900 posted in 2006.
Source : http://www.bizjournals.com/
The Orlando area saw existing condo sales fall from 320 in the last month of 2006 to 108 last month. For the year, 2,141 condos sold in the Orlando area, a 57 percent decline from the 4,933 sold in all of 2006.
December median condo prices also saw a 7 percent drop, from $163,600 in December 2006 to $152,300 in December 2007. For all of 2007, the median condo price fell to $158,500, 5 percent less than the $166,100 posted in 2006.
Single-family homes also saw slower sales, both in December and for the year, the association's report says. Sales were 1,134 last month, which compares with 1,790 in December 2006. The median home price fell 13 percent in December, from $260,800 in 2006 to $226,100 last month. Year-end sales totaled 17,143, also a 37 percent decline from the 27,212 sold in 2006. The median sales price on single-family homes was $248,900 in 2007, 5 percent less than the $262,900 posted in 2006.
Source : http://www.bizjournals.com/
Jan 22, 2008
ChampionsGate Welcomes Omni Orlando Resort
New 730-Room Destination is Heart of the Golf Lifestyle Community
ChampionsGate golf resort, southwest of Orlando, recently celebrated the official opening of the Omni Orlando Resort at ChampionsGate Saturday, with the slicing of a red ribbon by golfing great Arnold Palmer, his grandson, Sam Saunders, community developers, David and Ira Mitzner, Lee Neibart, and Omni Hotels president Mike Deitemeyer.
The new flagship resort for Omni Hotels is the first major hotel project nationwide financed and completed after 9-11. The 730-room Omni Orlando Resort is at the heart of ChampionsGate, and represents a new landmark for Central Florida tourism. At 16 stories, the resort is the tallest building in Osceola County. It will sit adjacent to the 558-unit ChampionsGate master planned community that includes condos, townhomes, estate homes and resort villas.
"The Omni Orlando Resort is a testament to the vision of my father who believed in this location years before it emerged as a prime destination," said Ira Mitzner, president of RIDA Development Corporation. "The fact that the hotel opened on time showcases the commitment of our partners within the ChampionsGate family."
The new Omni is a partnership that includes New York-based Apollo Real Estate Advisors and Houston-based RIDA Development Corporation. Major lenders were skeptical about approving new loans for hotels after 9-11, especially in the Orlando market. Yet, both Omni Hotels and RIDA Development Corporation were confident Orlando needed more high-end properties.
"It took a great deal of soul searching and number crunching to get the deal done," said Mitzner, "But we believe this is a perfect fit for the community and Orlando has a strong demand in the luxury resort segment."
After financing, RTKL spearheaded the design, and Welbro Construction made the resort come alive. At first, the building breezed along on time. Then Mother Nature christened the resort with hurricanes Charley, Francis and Jeanne, and a glancing blow from Hurricane Ivan, just as the Omni was nearing completion.
"The hurricanes hit at the finishing stretch. We were racing to put the final touches on the hotel and all of a sudden we had to deal with threats of 115-mile-an-hour winds," said John Fischer, vice president Rida Development. "We basically planted the trees around the resort four times."
The storms put strain on last-minute supplies and government approvals. Inspectors worked long hours to try to keep the new resort on track and on schedule.
ChampionsGate a Welcome Neighbor
"The coordination with Osceola County was fabulous. Without the work of the inspectors and building department during a challenging time for our county, we could not have completed this project," Mitzner said. "We owe them a debt of gratitude."
Actually, it is Osceola County officials who say they are thankful for ChampionsGate. The development is expected to pump millions of dollars in property resort fees and sales taxes into the county. The Omni is an example of the upscale hotel development that the county craves.
"The opening of Omni Orlando Resort at ChampionsGate could not come at a better time," said Ken Shipley, chairman of the Osceola County Commission. "This brings a stunning four-star property to our area that we expect will serve as a beacon to welcome guests to Central Florida. Ira and David Mitzner are the most professional team I have had the pleasure to work with - and for that I am incredibly thankful."
For Omni Hotels the opening represents a new flagship hotel in the top tourism destination in the country. The destination golf resort includes more than 70,000 square feet of meeting space, a 10,000 square-foot European-style spa, and two par-72 championship golf courses, the National and the International, designed by golf great, Greg Norman.
ChampionsGate hosts the Office Depot Father/Son Golf Challenge, nationally telecast on NBC-TV. ChampionsGate is also home to the world headquarters of the internationally acclaimed David Leadbetter Golf Academy.
"The reception The Omni Orlando Resort has received since welcoming it first guest this past October is heartwarming," said Michael Deitemeyer, president of Omni Hotels. "We helped design this hotel so it would be built to four-star standards and would represent the sensible luxury that Omni delivers to its guests. Our standards were tested even before opening."
At ChampionsGate, the Omni is just the beginning. Del Webb has announced plans to build, BellaTrae a $200 million community of luxury townhomes, condos and villas near the new resort. Construction is also about to start for the Villas at ChampionsGate, a luxury condo community of nine buildings with a variety of floor plans designed to meet the high standards of future owners and residents.
"We are really building a lifestyle," Mitzner said. "With the new Omni Orlando Resort, this community has the heart of a champion. It is clear that nothing is going to stop us from achieving greatness and bringing to Central Florida a new vacation destination and a new hometown."
About ChampionsGate
ChampionsGate is Florida's premiere golf resort community, encompassing some 1,500 acres southwest of Orlando. ChampionsGate, with its beautifully designed double gates, welcomes visitors off Interstate 4, just south of the Walt Disney World Resort.
ChampionsGate is being developed as a joint venture by Apollo Real Estate Advisors of New York and RIDA Development Corporation of Houston. ChampionsGate has a projected value of approximately $1 billion and is expected to include 2,864 hotel rooms, 2,136 resort villas, condominiums, townhomes and apartments, 36 holes of golf, and 426,000 square feet of retail space, making ChampionsGate one of the region's largest resort destinations.
Source : http://www.condohotelcenter.com/
ChampionsGate golf resort, southwest of Orlando, recently celebrated the official opening of the Omni Orlando Resort at ChampionsGate Saturday, with the slicing of a red ribbon by golfing great Arnold Palmer, his grandson, Sam Saunders, community developers, David and Ira Mitzner, Lee Neibart, and Omni Hotels president Mike Deitemeyer.
The new flagship resort for Omni Hotels is the first major hotel project nationwide financed and completed after 9-11. The 730-room Omni Orlando Resort is at the heart of ChampionsGate, and represents a new landmark for Central Florida tourism. At 16 stories, the resort is the tallest building in Osceola County. It will sit adjacent to the 558-unit ChampionsGate master planned community that includes condos, townhomes, estate homes and resort villas.
"The Omni Orlando Resort is a testament to the vision of my father who believed in this location years before it emerged as a prime destination," said Ira Mitzner, president of RIDA Development Corporation. "The fact that the hotel opened on time showcases the commitment of our partners within the ChampionsGate family."
The new Omni is a partnership that includes New York-based Apollo Real Estate Advisors and Houston-based RIDA Development Corporation. Major lenders were skeptical about approving new loans for hotels after 9-11, especially in the Orlando market. Yet, both Omni Hotels and RIDA Development Corporation were confident Orlando needed more high-end properties.
"It took a great deal of soul searching and number crunching to get the deal done," said Mitzner, "But we believe this is a perfect fit for the community and Orlando has a strong demand in the luxury resort segment."
After financing, RTKL spearheaded the design, and Welbro Construction made the resort come alive. At first, the building breezed along on time. Then Mother Nature christened the resort with hurricanes Charley, Francis and Jeanne, and a glancing blow from Hurricane Ivan, just as the Omni was nearing completion.
"The hurricanes hit at the finishing stretch. We were racing to put the final touches on the hotel and all of a sudden we had to deal with threats of 115-mile-an-hour winds," said John Fischer, vice president Rida Development. "We basically planted the trees around the resort four times."
The storms put strain on last-minute supplies and government approvals. Inspectors worked long hours to try to keep the new resort on track and on schedule.
ChampionsGate a Welcome Neighbor
"The coordination with Osceola County was fabulous. Without the work of the inspectors and building department during a challenging time for our county, we could not have completed this project," Mitzner said. "We owe them a debt of gratitude."
Actually, it is Osceola County officials who say they are thankful for ChampionsGate. The development is expected to pump millions of dollars in property resort fees and sales taxes into the county. The Omni is an example of the upscale hotel development that the county craves.
"The opening of Omni Orlando Resort at ChampionsGate could not come at a better time," said Ken Shipley, chairman of the Osceola County Commission. "This brings a stunning four-star property to our area that we expect will serve as a beacon to welcome guests to Central Florida. Ira and David Mitzner are the most professional team I have had the pleasure to work with - and for that I am incredibly thankful."
For Omni Hotels the opening represents a new flagship hotel in the top tourism destination in the country. The destination golf resort includes more than 70,000 square feet of meeting space, a 10,000 square-foot European-style spa, and two par-72 championship golf courses, the National and the International, designed by golf great, Greg Norman.
ChampionsGate hosts the Office Depot Father/Son Golf Challenge, nationally telecast on NBC-TV. ChampionsGate is also home to the world headquarters of the internationally acclaimed David Leadbetter Golf Academy.
"The reception The Omni Orlando Resort has received since welcoming it first guest this past October is heartwarming," said Michael Deitemeyer, president of Omni Hotels. "We helped design this hotel so it would be built to four-star standards and would represent the sensible luxury that Omni delivers to its guests. Our standards were tested even before opening."
At ChampionsGate, the Omni is just the beginning. Del Webb has announced plans to build, BellaTrae a $200 million community of luxury townhomes, condos and villas near the new resort. Construction is also about to start for the Villas at ChampionsGate, a luxury condo community of nine buildings with a variety of floor plans designed to meet the high standards of future owners and residents.
"We are really building a lifestyle," Mitzner said. "With the new Omni Orlando Resort, this community has the heart of a champion. It is clear that nothing is going to stop us from achieving greatness and bringing to Central Florida a new vacation destination and a new hometown."
About ChampionsGate
ChampionsGate is Florida's premiere golf resort community, encompassing some 1,500 acres southwest of Orlando. ChampionsGate, with its beautifully designed double gates, welcomes visitors off Interstate 4, just south of the Walt Disney World Resort.
ChampionsGate is being developed as a joint venture by Apollo Real Estate Advisors of New York and RIDA Development Corporation of Houston. ChampionsGate has a projected value of approximately $1 billion and is expected to include 2,864 hotel rooms, 2,136 resort villas, condominiums, townhomes and apartments, 36 holes of golf, and 426,000 square feet of retail space, making ChampionsGate one of the region's largest resort destinations.
Source : http://www.condohotelcenter.com/
Jan 18, 2008
55 West may add hotel to residential condos
Changes are coming to 55 West on the Esplanade.The project's lender, SNS Property Finance of the Netherlands, foreclosed on the property Jan. 7. The lender also replaced the developer, Tampa-based Euro American Advisors Inc., with Grosse Pointe Development Co. of Fort Myers.
Grosse Pointe CEO Bob Hensley characterized SNS Property Finance's actions as a "friendly foreclosure" and says work on 34-story tower on Church Street will continue.
"The bank is willing to step up and complete the project. The job will not shut down, and the building will be finished in November," Hensley says. "This is not a contentious thing. [Euro American] is welcoming our involvement."
Hensley was quick to say Grosse Pointe is not an investor in the 55 West project and will only oversee the completion of the project. Grosse Pointe and SNS Property Finance have a long-term relationship, Hensley says, noting that SNS Property Finance is a limited partner in all of the firm's Florida developments.
Along with a change in developers will come a change in focus. Hensley says the project will still contain residential condos, but Grosse Pointe is considering adding a boutique suite-oriented hotel and office space.
Of the 405 residential units originally planned for the building, the project has about 260 contracts to purchase. Those contracts will be honored, Hensley says.
Hensley is unsure how much of the building might be converted into non-residential uses.
"We're still analyzing what to do with the space that is not sold and the space that is not designed for today's market," Hensley says of features like tower's two-story penthouse suites.
Source : http://www.bizjournals.com/
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