ORANGE COUNTY, Fla. (WOFL FOX 35 ORLANDO) – Developers are promising that a resort called ph Premiere Hotel & Spa Orlando will deliver a new form of luxury to Orlando’s tourist corridor. The 436-room property will be built on 14 acres off south Apopka-Vineland Road and adjacent to Lake Bryan.
A local real estate expert says the project is a sign of renewed strength in the Orlando real estate market. The condo-hotel will be the the first-of-its-kind by some of the people behind Planet Hollywood.
According to a fact sheet provided by the company, a 437-square-foot studio suite can be purchased for $290,000. The base price for a four-bedroom penthouse is listed at $1.8 million. Ownership may include the opportunity to place a unit in a rental agreement.
In a promotional video provided by the company, the developer says the goal is to bring “New York, Miami, and Las Vegas to Orlando.”
University of Central Florida Real Estate Professor Josh Harris said developers’ effort to appeal to a luxury client is a “big testimony” to the strength of Orlando’s real estate and tourism sectors.
“It is certainly interesting to see a condo project announced, which is something that a lot of people tried before the [real-estate market] crash and didn’t really get off the ground,” Harris said.
Harris expects most purchases to be made by foreign investors who are looking for an experience close to the theme parks, but at more high-end properties than are currently available.
“I would suspect the developers are relying on the fact that there is an underserved luxury traveler that wants to come and is obviously willing to pay for the feel that the video describes,” he said.
The ph Premiere Hotel & Spa Orlando is expected to be completed in 2018.