Florida’s oversupply of condo-hotels could spell big trouble
Florida leads the nation in the number of condominium-hotel rooms in the pipeline, but analysts fear an oversupply could prove troubling for developers and consumers.
The Sunshine State has more than 31,500 condo-hotel rooms under development, according to Smith Travel Research of Hendersonville, Tenn. Nevada is second with more than 30,000 rooms planned, while California is a distant third.
South Florida is a hotbed for condo-hotels, which investors consider a good alternative to second homes. Broward County has about two-dozen projects in various stages of planning and construction, including the Trump Las Olas Beach Resort in Fort Lauderdale. Condo-hotels also are planned for Palm Beach County, including conversions at the Brazilian Court Hotel in Palm Beach and the GulfStream Hotel in Lake Worth.