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GlobeSt.com EXCLUSIVE: Downtown Hotel Condos Selling at Record Pace

ORLANDO-The 14-story Lexington Boutique Hotel at OrlandoCity Place sells 172 suites of its 227 units in the first three days of sales for a total $31.5 million, Vance Marketing Services managing director Krista Monteleone tells GlobeSt.com.

By Alex Finkelstein | Updated on November 14, 2005

ORLANDO-Hotel condo suites development, a relatively new facet of the hot condo residential conversion market here, has taken off for at least one private local investment group, says locally based Vance Marketing Services which is selling the units.

The 14-story Lexington Boutique Hotel at OrlandoCity Place, being developed on the site of a former Holiday Inn location at Interstate 4 and East Colonial Drive, has sold 172 suites, or 76%, of its 227 units in the first three days of sales. The sales total $31.5 million or an average $183,140 per unit, VMS managing director Krista Monteleone tells GlobeSt.com.

“It’s a unique hotel concept we believe will do extremely well in this market, particularly as part of the new vibrant environment that is unfolding in Downtown Orlando,” Monteleone says. So well, in fact, that two of the three models are selling for $587 per sf and the third model is going for $469 per sf. Monteleone says she expects the condo hotel to be almost 100% sold out when construction is completed by spring 2006.

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