The 5.4-acre project is expected to be completed by first quarter 2008, sources close to Carlos J. Bonilla, an Orlando lawyer and a development principal, tell GlobeSt.com. The project already has sold 190 units at an average $300,000 per unit for an estimated total gross revenue of $57 million. Most of the buyers are individual overseas investors. The suites comprise one-bedroom and two-bedroom units.

The venture has to sell a total 210 units to qualify for a construction loan from conventional lenders, Orlando brokerage sources in a position to know tell GlobeSt.com. The individual units are priced from $200,000 to $400,000. The developer is negotiating with a local management company to operate the condo hotel.

At a total development cost of $102 million, Regency Suites will be built at per-unit cost of $313,846. That number is in line with estimated development costs for at least six other major hotel projects previously reported by GlobeSt.com. The Regency Suites project brings the total estimated units at newly planned luxury-styled hotels and condo hotels near the four-million-sf Orange County Convention Center and in the main tourist corridor here to about 7,874, according to GlobeSt.com research.