CONDO HOTELS: STILL HOT
The red-hot condo hotel market shows no signs of cooling off. According to what is the first comprehensive census of the U.S. condo-hotel, timeshare and hotels with residences development pipeline, 108 condo hotel projects are in the works. The data from Lodging Econometrics show that 46 projects are under construction, 43 are scheduled to start construction in the next 12 months are 19 are in early planning.
Since condo hotels are often part of mixed-use developments, many of the projects in the pipeline include other lodging product types. Of the 37,150 guest units in the pipeline, 28,852 are condo units, 5,415 are standard hotel rooms and 2,588 are private residences. The remainder are fractional (157) or timeshare (108) units.
About 80 percent of the projects (82) are new construction, while the rest (26) are existing hotels that are converting part or all of their rooms into condo units.
Eight condo hotel properties with 1,517 total units will open before the end of the year. In 2006, 31 projects will open, with the remainder scheduled for completion in 2007 or beyond.
Other findings of the study, which Lodging Econometrics will continue to update on a regular basis:
There are 121 timeshare and vacation club projects with 31,863 timeshare units in the pipeline. The projects also contain 1,674 private residences and 3,426 regular hotel rooms. Forty-four projects are under construction; construction will start on another 38 in the next 12 months; and another 39 are in early planning. Ten of the developments are pure fractional projects.
Seventy of the timeshare projects in the pipeline are new ground-up construction, while 51 are adding construction phases to their already open and operating facilities.
There are 147 new-construction hotels in the development pipeline that have 47,011 private residences as part of their product offerings. These projects have 29,871 hotel rooms, as well as a mix of fractional, timeshare and condo units. Ten open and operating hotels are planning to convert some of their units to private residences or to build additional residential units.
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