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$102M Condo Hotel Breaks Ground

ORLANDO-Regency Suites I LLC has started site work on a 352-unit venture on Regency Village Drive. The condo hotel has sold 190 units at an average $300,000 per unit, mostly to individual overseas investors.

By Alex Finkelstein | Updated on April 07, 2006

ORLANDO-Regency Suites I LLC, a local investment group with no ties to national hotel brands, has started site work on Regency Suites. The planned $102-million, 352-unit condo hotel will rise on Regency Village Drive, a mile from Walt Disney World.

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.

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