Hotel expert Robin Webb sees challenges and unique investment opportunities in Kissimmee's W192 tourist corridor. He'll present his hotel lodging forecast for 2016 and beyond at a special networking event for brokers and hoteliers April 14.
Webb, managing director for NAI Realvest and incoming 2017 president of CCIM, said the forecast will look at the Greater Orlando market with a focus on the Osceola County submarket.
"It's pretty apparent that the Osceola market has suffered from aged product and lack of branding," Webb told GrowthSpotter. "All national brands have had presence in the past on (U.S. 192). Many of those brands have left. Its almost like a virgin market, so that makes it interesting."
The Kissimmee tourism corridor is beginning to attract a handful of branded hotels. Red Lion has two franchises on the corridor, and a new Fairfield Inn opens in May.
Independent brands, such as Roomba and the new GreenPoint Hospitality, are also making significant investments in new construction and renovation on the corridor.
Vacation home and timeshare resorts will soon outpace hotels in market. Last year vacation homes generated nearly half of Osceola County's $45 million in tourist bed taxes.
"I do these type of lodging forecasts every year," Webb said. "The approach is always to take a short look back and say where are we coming from, and then to develop expectation for next year and perhaps a little bit beyond. The challenge is how does it get altered by development? What's the new supply, and what demand will offset that supply so it gets absorbed?"
Over his 30-plus year career, Webb has sold more than 118 lodging properties valued at more than $1 billion. He is currently a partner in the planned development of a 143-room Baymont Inn and Suites near Universal Studios in Orlando.
CCIM stands for Certified Commercial Investment Member. The designation is recognized as the global standard of professionalism in commercial real estate. Webb is also a certified hotel broker, administrator and property manager.
His hour-long presentation will be followed by a Q&A session with real estate attorney Sarah Gulati.
IF YOU GO
WHEN: April 14, 6:30 - 8:30 p.m.
WHERE: Ramada Gateway Hotel 7470 W Irlo Bronson Memorial Hwy Kissimmee, FL 34747