The 14-story Lexington Boutique Hotel at OrlandoCity Place, being developed on the site of a former Holiday Inn location at Interstate 4 and East Colonial Drive, has sold 172 suites, or 76%, of its 227 units in the first three days of sales. The sales total $31.5 million or an average $183,140 per unit, VMS managing director Krista Monteleone tells GlobeSt.com.

"It's a unique hotel concept we believe will do extremely well in this market, particularly as part of the new vibrant environment that is unfolding in Downtown Orlando," Monteleone says. So well, in fact, that two of the three models are selling for $587 per sf and the third model is going for $469 per sf. Monteleone says she expects the condo hotel to be almost 100% sold out when construction is completed by spring 2006.

"The development is being marketed primarily to private investors who can use their suites for their personal or vacation use whenever they like or place it in an organized rental program that will be managed by a private company," Monteleone says.