A Revitalized Downtown Orlando is Taking Shape; Poised for Next Wave of New Hotel Development / February 2013

February 2013 - HVS has announced the publication of its Spring 2013 Central Florida Newsletter – A Revitalized Downtown Orlando is Taking Shape.

Co-authored by the firm’s Central Florida Market Specialists, HVS Miami Vice President Donald Stephens and HVS Consulting and Valuation Associate Taylor Gray, the Newsletter reveals that Downtown Orlando is poised to begin the next wave of new hotel development:

The projects spotlighted in the newsletter include: Creative Village, SunRail, Dr. Phillips Center for the Performing Arts, the redevelopment of the Citrus Bowl, and the proposed development of a sports and entertainment complex to be located across from the Amway Center.

The wheels were first set in motion in May 2006 when the Mayor of Orlando, Buddy Dyer, unveiled his strategic plan to county officials and other stakeholders to revitalize Downtown Orlando by developing a roughly $1.1 billion public-private investment in establishing three state-of-the-art community venues (Amway Center, Dr. Phillips Center for the Performing Arts, and the redevelopment of the Citrus Bowl). The Amway Center represented the first of these public-private partnerships and has served as a catalyst for the new downtown development projects indicated above, that were publicly announced, revived, or gained prominence in the past year.

Additionally, there are various hotel developments in the greater Downtown Orlando area, including the Aloft Hotel in Downtown Orlando, The Alfond at Rollins College, and the proposed Hampton Inn & Suites at Orlando Regional Medical Center (ORMC) . With tourism on the rise and a flurry of major development projects currently underway, developers are set to open a series of new hotels that will capitalize on the redevelopment of Downtown Orlando and the influx of new businesses and residents that will be attracted to the area.

And , buoyed by improved hotel operating performance, favorable financing terms, and some financially troubled properties coming to market at significant discounts, hotel transaction activity witnessed a rise in sales volume by 47% across the Central Florida region in 2012.

For a complimentary copy of the Spring 2013 Central Florida Newsletter, “A Revitalized Downtown Orlando is Taking Shape” click here.

About HVS

HVS is the world’s leading consulting and services organization focused on the hotel, restaurant, shared ownership, gaming, and leisure industries. Established in 1980, the company performs more than 2,000 assignments per year for virtually every major industry participant. HVS principals are regarded as the leading professionals in their respective regions of the globe. Through a worldwide network of 30 offices staffed by 400 seasoned industry professionals, HVS provides an unparalleled range of complementary services for the hospitality industry. For further information regarding our expertise and specifics about our services, please visit www.hvs.com.