How successful have South Florida condo-hotels been?
Four years ago, Latin Americans flocked to buy units in the city’s first condo-hotel, the 172-unit Mutiny in Coconut Grove. The demand was so strong that the developer built a second building, the 224-unit Mutiny Park, managed by Sonesta International Hotels as a luxury resort. Another success story is The Ritz-Carlton Key Biscayne. Located five miles from Downtown Miami, it opened in mid-2000. Its 188 condo-hotel units in a 13-story beachfront resort and spa sold out a year before completion. The condo-hotel units in The Ritz-Carlton have steadily increased in value each year. With a number of condo-hotel projects on the way in Miami, like The W Hotel-Condo and St. Regis Bal Harbour, South Florida has the greatest selection of condo-hotel inventory in the country and is a popular destination due to the strong domestic and international demand for second or vacation homes, and Latin American interest in the relatively secure U.S. real estate market. The Orlando and Miami-Fort Lauderdal
