TAMPA, FL-In another sign that Florida’s hospitality industry is recovering, construction is underway on a new 42-room hotel in Clearwater. The Coconut Cove Boutique Hotel will be the first all-suites hotel in Clearwater Beach when it opens in July.
“We feel there is significant demand for an all-suite boutique hotel on the north Pinellas County beaches,” says Gilles Arditi, president of Southwind Hospitality, the hotel managing firm on the deal. “We expect Coconut Cove to be extremely attractive to families, business travelers, long-term stay professionals and anyone who wants the convenience of preparing and eating their meals onsite.”
Located across the street from the beach, the new hotel will feature full kitchens, balconies, a large tropical pool, free Wi-fi, access to the beachfront amenities of its neighboring sister property, Quality Hotel on the Beach. Rooms will range from 550 to 750 square feet, with nightly rates in the $130-$250 range. Steve Page, who works closely with Southwind on a number of projects, owns the hotel. Because the hotel is leveraging the shell of a previously existing hotel, the construction is rapid.
The timing may work well. PKF Hospitality Research expects the hotel occupancy rate to increase 4.9% in the Tampa Bay metropolitan area in 2011. The average daily rate is expected to increase 1.5% this year. Overall, the PKF “Hotel Horizons” report forecasts a 58.7% occupancy rate and a $94.51 average daily rate for the Tampa Bay area, which includes Hillsborough, Pasco and Pinellas counties, in 2011.
That stacks up fairly well against the nation. The US hotel industry reported increases in all three key performance metrics between May 29 and June 4, according to data from STR. In year-over-year comparisons, occupancy rose 2.5% to 58.5%, average daily rate increased 2.7% to $96.63, and revenue per available room finished the week up 5.2% to $56.55.
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