Although CNL didn't disclose development or building costs, local construction industry estimators tell GlobeSt.com the number for both projects should come in at about $50 million. Through partnerships with other lodging companies, CNL Hospitality already owns or controls 33 hotel properties totaling 7,188 rooms in 17 states.
The Residence Inn and Courtyard enterprises are CNL's first from-ground-up attempts without outside partners. The company, an investment and development division of Orlando-based CNL Financial Group Inc., plans to start about five new hotel projects a year. Finding money for the ventures is not going to be a problem.
"Combined with our consistent access to capital, we have the ability to carefully select quality sites and develop premium hotels at lower costs," CNL Hospitality chief operating officer Charlie Muller tells GlobeSt.com. "It's an important aspect of our strategy to continue maximizing value for our investors and to become more vertically integrated."
Targeting the corporate traveler, Residence Inn will have a Key West, FL architectural theme. be strategically located five minutes from the four million-sf Orange County Convention Center, and will sit between Walt Disney World and Universal Orlando, with frontage along Interstate 4.
Courtyard by Marriott is being built 15 miles west of Downtown Fort Lauderdale, FL, along Interstate 75 within the area of Weston Commerce Park, planned for 10 million sf of commercial space. The Courtyard hotel will offer a 76-seat restaurant, lounge, library and bar area.
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