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ORLANDO-Hotel condo suites development, a relatively new facet of the hot condo residential conversion market here, has taken off for at least one private local investment group, says locally based Vance Marketing Services which is selling the units.

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.

Prices for the 672-sf Park Avenue model start at $314,990. They first started at $299,990. The price increases by $20,000, starting at the fifth floor and again at the eighth floor. The price rises by $50,000 per unit on the 11th floor and also on the top 14th floor.

The Windermere and Grammercy models each offer 358 sf of living area. The Grammercy starts at $209,990. The units initially started at $179,990. The Windermere model also starts at $209,990, up from the initial price of $199,990. The prices at both models increase by floors on the same basis as the Park Avenue model. Condominium association fees for the Windermere and Grammercy suites are $290 per month. The Park Avenue’s fees are $590.

“Is Orlando ready for a big-time concept such as hotel condos usually developed by some of the biggest names in the industry, such as Four Seasons, Ritz-Carlton, Hilton, Trump and Le Meridien? Most definitely,” she tells GlobeSt.com.

The Lexington Boutique Hotel at Orlando City Place is being developed by Orlando investors George Kalivretenos, Barry Greer and Robert H. Stoehr.

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