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Good Time to Buy Sunshine State Hotels

TAMPA, FL-A report by HREC says Florida's long-term outlook is positive despite current declines.

By Carl Cronan | Updated on October 19, 2009

TAMPA, FL-Besides being one of the world’s leading hotel markets, Florida also lines up as one of the best markets for hotel investment because of a spate of distressed assets, according to a report by HREC Investment Advisors. The report was issued on the one-year anniversary of the bankruptcy of Lehman Bros., one of the most active lenders on hotels over the past five years.

“From a performance perspective, Florida’s hotel market is experiencing a significant downturn. However, investors continue to show interest in Florida due to a long-term positive outlook for the market,” says Scott Stephens, a Tampa-based partner of HREC. The firm’s report was jointly presented with Winter Garden-based Sexton Realty Advisors Inc.

Florida’s hotel industry is suffering through the recession, with occupancy rates falling significantly. In Orlando, the second-largest hotel market in the US, occupancy fell below 55% in early October, according to Smith Travel Research.

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