Interstate has been selected to manage the Ravallo Resort & Conference Center, a to-be-built luxury condo hotel in the Lake Buena Vista area of Orlando, Florida.The twin-tower, 23-story, environmentally friendly (a green building), lakeside resort, currently in pre-sale, will feature 900 condo hotel suites and an adjoining 100,000 square-foot conference center. Condominium owners will have the opportunity to place their units into a rental arrangement. Construction is scheduled to begin in the fall of 2007, with a December 2008 projected opening. The $800 million condo resort project is being developed by Ravallo Resort Development Company.
“We have a substantial history in the management of condo hotels and are quite familiar with this business model and its unique needs and requirements,” said Thomas F. Hewitt, Interstate chief executive officer. “David Townsend with Ravallo Resort Development is a highly regarded developer with a proven track record in this particular niche-segment, and we look forward to working with him.”
To be situated on 11 lushly landscaped acres on Palm Parkway, south of Central Florida Parkway, the four-star Ravallo Resort will appeal to both business and leisure travelers, with its location just minutes away from some of the world’s best theme parks, 20 million square feet of world-class shopping and the 2.5 million square foot Orange County Convention Center. The Mediterranean-style buildings with elegant Corinthian-style columns and arches, granite and marble accents, spacious terraces and spectacular picture windows, will feature 900 lavishly appointed hotel suites in one- and two-bedroom configurations at prices ranging from $652,000 to $1.7 million.
The resort’s top-of-the-line amenities include a tropical sandy beach, two pools, world-class restaurants, gourmet bakery and café, valet service, full-service salon and spa, state-of-the-art fitness center, a promenade of upscale retail stores and cafes and complimentary shuttle to area attractions and convention center. The Ravallo is within a short drive of Walt Disney World, Universal Studios and Sea World and offers convenient access to area golf courses.
“We continue to be selective in our choice of successful, experienced developers, like David Townsend’s group, with whom we seek to work on the condo hotel front,” said Leslie Ng, chief investment officer. “Condo hotels are a growing sub-specialty of ours, which also provide some diversity in our management contract base.”
“There are few management companies with experience in this sector, and Interstate’s proven track record with condo hotels, together with their size, which translates into operating and purchasing economies of scale, made them a pretty compelling candidate,” said David Townsend of Ravallo Resort Development Company.