The 1,406-room hotel and 400,000-sf convention center, being completed at an estimated hard construction cost of $404 million, is slated to open in February amidst one of the worst industry depressions on record.

Occupancies are in the 50% range and lower at many of the 460 hotels and motels in metro Orlando, according to Smith Travel Research of Hendersonville, TN. Average daily room rates are off by 40% to 60%.

Gaylord Palms' new hires start work in December, preparing for the first-quarter debut. Colin V. Reed, CEO of Gaylord Entertainment, the parent company, confirms the hotel has bookings into 2003 for one million room nights. The hotel is one mile from the entrance to Walt Disney World.