PUNTA GORDA, FL - 2017 was seen as a slow year for hotel sales in Florida, with only a handful of big-ticket deals. According to “The Real Deal”, this included the $36 million sale of the Ritz-Carlton Coconut Grove and the $85 million trade of the Courtyard Fort Lauderdale Beach by Marriott. However, industry insiders are optimistic about a turnaround in 2018, and a host of developments both completing and kicking off show signs of recovery.
Rideout Commercial Group has compiled a list of predicted and planned hotel investment and expansion projects, and new hotel openings in Florida for 2018.
#1 - Sunseeker Resort, Port Charlotte
Expected to open in 2020, the Sunseeker Resort in Port Charlotte, Florida is slated to break ground in mid-2018. The $600 million investment is being made by Allegiant Air, and will leverage the exponentially increasing amount of travellers coming through the nearby Punta Gorda airport. Allegiant Air will be able to offer affordable direct flights from across the United States directly to the location as part of travel packages. The impact is expected to have a transformative effect on the area, boosting its image as a tourism destination and luxurious place to live.
#2 - Hyde Beach House, Hollywood, FL
The Hyde Beach House is planned to operate as a condo-hotel (legally a condominium, but operated as a hotel). It is slated to open in 2018 and will feature 265 hotel condos and 77 unfurnished condos. The project has an estimated cost of $115 million.
#3 - The Celino South Beach
Expected to open in early 2018, The Celino South Beach is a 132 room boutique hotel, situated at 640 Ocean Drive. The property was originally acquired in 2013 for $51 million. The new development is the result of a $40 million renovation of original structures, preserving much of the character of the property.
#4 - Disney’s Coronado Springs Resort, Orlando
Nine hotels were expected to open in Metro Orlando in 2017. The trend is continuing into 2018 with investment from both Disney and Universal.
Disney’s largest convention hotel at Walt Disney World Resort is expanding in 2018 with a new 15-story tower and 500 additional rooms. According to icFlorida, the renovation will also bring new meeting spaces, and a rooftop restaurant.
#5 - Universal’s Aventura Hotel, Orlando
Disney is not alone with its hotel expansion. Universal is opening the Aventura Hotel in 2018. It will feature 600 rooms on 17 stories. According to icFlorida, this is intended to be a budget traveller friendly hotel.
#6 - Las Olas Ocean Resort, Ft. Lauderdale
The Las Olas Ocean Resort is a new development on a previously vacant 34,299 square foot parcel of prime oceanfront real estate. The development includes 136 hotel rooms and 12,000 feet of restaurant space. It is expected to open mid-summer of 2018.
#7 - The Sheraton Tampa Riverwalk Hotel
The Sheraton Tampa Riverwalk Hotel is just on the cusp of completing an extensive renovation to the property’s 277 guest rooms. These changes were part of a larger renewal project for the property, with an estimated total investment of $7 million. The 2018 phase of the renovation includes a redo of the poolside bar, pool pavers, and cabanas. The hotel lobby and main restaurant called “River’s Edge” are also receiving a facelift.
#8 - AC Hotel, Sunrise
Construction on a new 170 room hotel in Sunrise is expected to begin in the spring of 2018, with an estimated grand opening date of early 2020. The hotel will be located adjacent to the Sawgrass Mills shopping complex.
#9 - Hawks Cay Resort, Duck Key, FL
Like many hotels and resorts in the Florida Keys, Hawks Cay Resort was badly damaged by Hurricane Irma in September of 2017. It plans to re-open in mid-2018 after having completed major renovations. It will be interesting to see how the market adjusts to the reopening of previously damaged and renovated hotels and resorts in the area.
#10 - The Magic City Innovation District, Miami
As part of a $1.36 billion investment in a mixed-use project, the Magic City Innovation District will have 432 hotel rooms in addition to the thousands of apartments and millions of square feet of office space.