Encore Capital Management is adding some brand power to its portfolio of Kissimmee resort properties.
Embassy Suites-Orlando Sunset Walk is positioned to be the first condo-hotel for the Hilton brand and will debut in Sunset Walk Orlando, located adjacent to the Margaritaville Resort Orlando, near the intersection of S.R. 429 and U.S. 192.
Joel Lazar, executive director of sales at Encore, told GrowthSpotter the company entered into a licensing agreement with Hilton to stamp its Embassy Suites brand and standards onto Encore’s planned 300-unit condo-hotel, which he anticipates will begin vertical construction this summer.
“We feel quite lucky to be the first ones out of the gate for their brand,” he said. As part of the partnership, Hilton’s 110 million members will be able to book a stay at the new condo-hotel through its Hilton Honors reservation program. Owners will also receive two Hilton Honors memberships with their purchase.
Similar to Margaritaville, Davidson Hotels & Resorts is managing the hotel component. LRR (Luxury Residential Resorts LLC) is the preferred rental management company.
Prices for condominiums begin in the $230,000s. Embassy Suites-Orlando Sunset Walk will consist of mostly studio, one- and two-bedroom condos, with a limited number of three- and four-bedroom units.
Lazar said sales will launch within the next two weeks. Buyers can secure a reservation with a refundable $5,000 deposit at pre-construction prices. In mid-May, Encore will host the grand opening of its 6,500-square-foot sales gallery at the Promenade at Sunset Walk Orlando, which will allow buyers to walk through full-scale model condos.
Amenities at Embassy Suites-Orlando Sunset Walk include an Oasis Beach Club with a bar and grill, and fitness center, and a restaurant and a lounge area located inside the condo-hotel. Units at the resort include furnishings, housewares, and linens.
The condo-hotel project is slated to open in early summer 2022.
Lazar said he anticipates most of the market for the hotel-condominium project to come from Central and South Florida, as well as investors and vacationers from the Eastern Seaboard on the United States.
“Current visitors and buyers have been running between 30 to 60 years old, but we have older and we have younger,” he said. “The secret sauce, what keeps locals and visitors coming [to its destination in Kissimmee], is our all-day entertainment programming that runs into the night.”
The Promenade at Sunset Walk Orlando at 3251 Margaritaville Blvd. features more than 20 merchants for dining, shopping, and entertainment.
The tenant roster includes Rock & Brews, Studio Movie Grill, Capone’s Coal Fired Pizza, Yeoman’s Cask & Lion, GameTime, Estefan Kitchen, and El Jefe’s Tequila Taco Cantina. The destination also hosts recurring events, including a monthly car and truck show, live band performances, and artisan farmers’ markets.
“There’s always entertainment going on indoors and outdoors,” he said. “If you don’t like one [entertainment spot], another one is just a short walk away.”
Developers looking to add more short-term rentals to the market include Fort Lauderdale-based developer BTI Partners, which is expanding its Grove Resort & Water Park Orlando by an additional 160 units. About 170 units are left to sell at the main campus out of 878, and presales of the expansion are approaching 50% after launching over a year ago.
Miami-based Urban Network Capital Group (UNCG) recently opened a sales center for its wellness-themed condo-hotel on Kissimmee’s W192 tourism corridor. The Flats Resort and Spa will be a 160-unit condo-hotel once complete, with a full-service spa, a gym, and 24-hour restaurant service.
About a mile away from Margaritaville, Primeland Development is in the middle of building its $90 million Sycamore Resort condo-hotel in Kissimmee, with plans to build another resort on Lake Bryan in Orlando’s tourism corridor. The 378-unit project is expected to open next summer. Pre-sale prices started at about $195,000 for a one-bedroom unit, plus $20,000 for the furniture package. After launching sales in mid-2019, the resort is about 40% sold.
Encore is planning out the final four phases of its resort community in Kissimmee. Last year, GrowthSpotter reported the developer intends to add more density and a different mix of housing products, including attached villas, timeshares and apartments.
EDITOR’S NOTE: An earlier version of this story incorrectly stated Embassy Suites-Orlando Sunset Walk is a vacation rental project. The development is a condo-hotel, where owners have the option to rent out units. Previous misquotes were corrected, as well as inaccuracies regarding the branding name of real estate projects within Encore’s resort community in Kissimmee.
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