Jayesh Patel, a developer based out of London, is looking to demolish an old hotel along the I-4 corridor in Seminole County with plans to build a new Fairfield Inn & Suites hotel.
Currently, the Altamonte Springs property features an operating Ramada Inn hotel built on a 2-acre site at 150 Douglas Ave. in the 1970s. Patel told GrowthSpotter he plans to close the hotel down, demolish the property and break ground on the new hotel by the first quarter of next year.
A site plan is approaching the final stages of the city approval process, Patel said. The developer began the planning process in 2019 with hopes to build a 6-story hotel with 144 rooms. Since then, plans have changed to accommodate a 7-story hotel with 113 rooms.
Z Development Services of Orlando is the civil engineer.
Patel bought the property in 2010 for $3.2 million. The hotel is located on the west side of Douglas Avenue, just north of the on- and off-ramp for I-4 on S.R. 436.
“Our clients include those who go to Heathrow and Lake Mary business centers as well as people who pass through I-4 and who may be attending the sports complexes nearby,” Patel said. He adds COVID affected business for the worse but expects occupancy for most hotels to reach normal levels by 2023.
Regarding his own hotel, Patel said “its an old property with issues... good clients want to stay in a place that’s new.”
ADËLON Capital, which operates nine hotels in Orlando and Kissimmee, has two new hospitality projects in the pipeline in Melbourne.
The hotel and multifamily developer will start construction this summer on a new 142-room Hyatt Place at the Melbourne International Airport. The hotel is part of a concession on the airport property that includes hotels, convention centers, restaurants and Fixed Based Operator (FBO) facilities.
“We love the area, so we’re investing of energy and money into that area,” co-founder Jonathan Cohen said.
AD1 Management will operate the hotel.
ADËLON is also branching into a new asset class that combines its experience in hospitality and multifamily by creating its own brand of active-adult properties called Parasol. Co-founder Daniel Berman said the facility would offer bistro-style dining with a full bar and a range of amenities and social programming, including a community garden, yoga classes, cooking lessons and happy hours.
“What we say is any senior facility is like a 365-night hotel,” Cohen said. “You have attention, you have a concierge. It’s 24/7 attention for anyone who’s actually living in that facility. So one of our specialties is that we’re a hospitality company and we’re a multifamily developer, so when you combine those you can do a great project like Parasol.”
The developer will break ground July 15 on the first 159-unit Parasol community on Palm Bay Road in Melbourne. “That’s a $42 million investment,” Cohen said. The community will be completed in summer of 2022. “This is the first one, but we do have in the pipeline in the next five years to try to do more, between three and five Parasols, all probably located in Florida.”
In Lake Nona, Tavistock Development Company is also expanding its hospitality offerings. The developer recently completed and opened the 156-key SpringHill Suites by Marriott at Lake Nona Creekside and will open the 17-story Lake Nona Wave Hotel in the community’s town center this fall. The 234-room property will offer 18 suites, including two presidential suites of 2,354 square feet, and multiple restaurants and lounge spaces.
This week Tavistock filed a Specific Parcel Master Plan for a new 200-key hotel on Corner Drive across from Drive Shack. Spokesperson Karlee Kunkle said there is no flag attached to the project yet, but it would be a select-service hotel with ample parking, a pool and ancillary meeting and dining services.