Westgate Resorts is gearing up for a $53-million investment at its Westgate Lakes Resort in the coming months, with plans to demolish an existing structure and build two new timeshare unit buildings in its place and has yet to select contractors for the project, the company's COO told GrowthSpotter.
Located at 10000 Turkey Lake Road, Westgate Lakes currently boasts 1,047 timeshare condominium units across 28 buildings. The company will add a net 160 new units after two new buildings are built next year (nos. 60 and 70 on the map), bringing it to a total 1,207 units by late 2016.
The new units will be two-, three-, four- and five-bedroom fully furnished luxury timeshare condos, with an average of $331,250 to be spent per unit on the construction and build out.
"We have an old building from the early 1980s there, one-story townhomes, so we will tear those down," said COO Mark Waltrip. "We already had approval to build 1.5 of these new buildings but have now received DP modification approval to build the two slightly longer buildings."
The company had its Development Plan (DP) modifications approved this past week. The project's next few steps will be completing civil engineering construction plans (VHB, Inc. is the engineer), finish building plans, apply for building permits at the start of November, demolish existing buildings on the property and conduct pre-construction site work.
Waltrip expects building permits to be issued in December, with construction to begin shortly thereafter. A general contractor has not been selected yet for the project, he added.
"We are having year-over-year record increases in profitability, and we need the additional inventory to keep up with our sales projections," Waltrip said. "This new phase will generate over new 8,300 timeshare intervals."
Westgate Resorts is the second largest hospitality provider in Central Florida, following Walt Disney World, with seven time-share resort properties in the Orlando area. The company now has 28 resorts across the United States.
Editor's Note: The third paragraph was added on Oct. 9 to clarify the type of new units to be added, and the average investment for the 160 new units.