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1616-33 Various Miami Beach
-` --_._ -.- c- ' • -4 The Falor Companies is banking millions on the controversial trend 0 ° of selling hotel rooms as condos. N v Z Q i .E Q • /A- . itio.;, b _ -QIN-\ a‘ 1Ed_ ‘4,Wf 7 _ M TE v i r ristomitit /11' --7 . ' fT '" 1 y C i` 1 1, .es ��wc �py �. ra!' ! ` f%/ 5 14 I.. sem^' x X; • re• w :k �'' yE xty CARL JUSTE/HERALD STAFF PRIME PROPERTY: The Royal Palm Hotel is just one of the acquisitions by the Falor Cos. in South Florida. The concept of the condo-hotel is changing how South Florida developers fund construction costs to build luxury hotels. THE CONDO _ FHOTEL Iv *••Mlllell 4.741111* 114 It took the Falor family only 21 STORY BY DOUG HANKS loan payments in the rocky early li months to assemble one of the most years of a hotel's debut. CARL JUSTE/HERALD STAFF diverse hotel portfolios in South Analysts note that only a handful , Florida — seven prime properties of condo-hotel properties have been `What is the old from Islamorada to Coral Gables. ties, where hotels sell off their open long enough to offer com ari- "What is the old saying? Make rooms individually to buyers. sons for potential buyers, and saying?Make money while the sun shines?"Rob- More than 30 such projects are there's no consensus on whether money while the ert Falor, 36, said during a recent either open,under construction,or the units make good investments. lunch at The Tides, the 45-room planned from Fort Lauderdale to Tourism officials also worry that sun shines? The celebrity haunt in South Beach his Key Biscayne. the move toward individual owner- family acquired last year for a Already, the concept has ship of hotel rooms could leave too climate is whopping$588,000 a key."The cli- changed how South Florida builds few beds for tourists,as well as put mate is perfect to execute our busi- luxury hotels with developers turn- pressure on the number of hotel perfect to ness plan." ing to the real estate market instead rooms available for large conven- execute our He wasn't talking about the of banks to fund construction costs. tions. Such conventions typically weather — at least not directly. By selling ownership of the rooms need thousands of rooms reserved business plan." Instead,the president of the Chica- in advance,developers secure more years in advance. go-based Falor Cos.meant the cur- than enough money to build the —ROBERT FALOR, rent boom of condo-hotel proper- hotels without the risk of making 'TURN TO CONDO-HOTEL,16 president of Falor Cos. _ _ _ _ _ e7 _ r SOUTH FLORIDA CONDO - HOTELS 15 il__ _c— `"�"�"z� II More than 30 condo hotels have opened or are in the N LEGEND , works from Fort Lauderdale to Key Biscayne. N 0 Planned (3 Under construction Tump •ke Fort cc • /Fort /L uder ale 0 Gallery One I® Fantasy of the Ocean ii5'Y Casa Grande z ® Being converted Q Open Lauderdale 2670 East Sunrise Blvd. 15701 Collins Ave. 834 Ocean Dr. Exeyertive--- Fort Lauderdale Sunny Isles Beach Miami Beach a Z ii Airport BEING CONVERTED PLANNED OPEN Q E. (( OAKLAN6-1 D PARK BLVD. 0 The Atlantic C)One Bal Harbour 0 Marquis o SUNRISE BLVD. 601 N.Fort Lauderdale 10295 Collins Ave. Biscayne Blvd.and 11th St. f AlBeach Blvd. Bal Harbour UNDER CONSTRUCTION Miami Fort Lauderdale PLANNED - o PlanI n SUNRISE BLVD. 0J I OPEN a fri Canyon Ranch Living Q Bentley Beach Hotel o: • � 0 ()Club Resort& 6801 Collins Ave. 101 Ocean Dr. _ BROWAR---- -----------..) � BLVD. 7.1 Residences Miami Beach Miami Beach u, 505 N.Fort Lauderdale UNDER CONSTRUCTION OPEN : e' „II CAME BLVD. Beach Blvd. © ti s4s Fort Lauderdale 16 Mimosa Resort&Spa Four Seasons Hotel&Tower E o UNDER CONSTRUCTION 6525 Collins Ave. 1425 Brickell Ave. o Davie �� Miami Beach Miami 0 z Forr / W Fort Lauderdale BEING CONVERTED OPEN 435 N.Fort Lauderdale Beach L <7.-,: Lauderdale `' Blvd. ®Doral Golf Resort&S Q Conrad Miami 3 -- International 17 pa R,-r„RD. Airpnrt , Fort Lauderdale 4400 N.W.87th Ave. 1385 Brickell Ave. UNDER CONSTRUCTION Doral Miami STiRL NG RD. BEING CONVERTED OPEN VI > St.Regis Resort , N,S 1 S.Fort Lauderdale Beach %) Fontainebleau II and III ®Mayfair Hotel&Spa I \ 7 HERIC.A T Blvd. ,, 4441 Collins Ave. 3000 Florida Ave. Fort Lauderdale Miami Beach Miami Pembroke ? I Hollywood UNDER CONSTRUCTION UNDER CONSTRUCTION BEING CONVERTED =\ Pines IiCLLYWOOD BLVD. J-- ©The Residences at 0 Eurossultes ©i Mutiny Hotel li I EMBRC C RD. n Wyndham Resort NW 108th Ave.and 2951 S.Bayshore Dr. { .. 250 Racquet Club Rd. NW 19th St. Coconut Grove l LAVDALE BEACH B_VD. L Weston Doral OPEN BROW RD COUNTY t Halla •ale BEING CONVERTED PLANNED ©Sonesta Hotel&Suites 111 " - '- - - -• •~ - ' 0 Atlantic Village Q Setal Resort&Residences 2889 McFarlane Rd. - _ _ _ I „ 1541 Griffin Rd. 10120th St. Miami -,'--L HC�.E HILL,)R. I / Dania Beach Miami Beach OPEN DADE COUNTY NW 199 S . !S North , UNDER CONSTRUCTION - OPEN �`:A�'I G:ir-DE�\S DR. Miami ®Sonesta Beach Resort Beac Le Meridien ©21.Regent South Beach 350 Ocean Dr. Turnpike 18683 Collins Ave. 1458 Ocean Dr. Key Biscayne -LOCKA h=\3 S AIBP -rte® Sunny Isles Beach Miami Beach PLANNED _ North UNDER CONSTRUCTION UNDER CONSTRUCTION Miami Ritz-Carlton Key Biscayne 0 0 Marina Bay Club The Tides ' (0455 Grand Bay Dr. �•. 18100 N.Bay Rd. 1220 Ocean Dr. ��J Key Biscayne Hialeah Ii o. .3,ST NE 125 Sunny Isles Beach Miami Beach OPEN Gardens i �c/ v OPEN OPEN (ti3 Hialeah �QQ � NW- \':b''.C3 ST < 441 0 Trump International Sonesta @I Breaiwate`riand Edison Hotels Beach Resort S-«— (one complex) A 18001 Collins Ave. 940 Ocean Dr. s Sunny Isles Beach Miami Beach • „ r_ OPEN BEING CONVERTED - e -.`�l 16 Acqualina ;, - h.c. a 4• ,. a I 17875 Collins Ave./ Sunny Isles Beach °t MIAMI INT'L l is a ri AIRPORT z7 UNDER CONSTRUCTION ,-•--, �._-- �.--- NV,.'36 ST 7t-------1 Soli on the Ocean .,,r.:�."r, -7...,.$4.0 ' +�''w Miami I 17315 Collins Ave. ,.•-• '3 " __-.2.,-,r n W Beach_Xi) Sunny Isles Beach �" "' ..- � i!) UNDER CONSTRUCTION " ti+M hlia-v i i1 � U 4g -,7 1 " {rFr.y. • _ry• i © T.4iA�il S'.'-,'8 ST. k - . 4- •'. S;V:4 ST LORAL••v'vAY s �. 44 I o t i I� � Coral it 9 SW 40 S BIRO RD. Gables ti s1, 0 *—4 SW 56 ST. South ©� A(,,. ; _ +• s7' .H '�,.1 y4,i I• . • • ��, Miami ' Q� *, xm r SW i2 ST. �. (II Biscayne:;Y o s t S+^d 885T. g +i rd.r oa Key f i +. '+r4. `t' 1, ` .r SW 112 ST. Biscayne Alk ; `t+;Y, a� :/'',. . . St.Regis Resort (right) - 1 S.Fort Lauderdale Beach Blvd. 14.'4, l'- i `. d SW 136 STl J Fort Lauderdale . .,a \l • '' ' `r I SOOZ'4Z A2ivnNb"f'AvaNON I a1V2:13H 3H1 I WOD'ple)ay'MMM ) . >. c) CA o y,TFD' a. , 4, °- fs •O N VaN a-a . 'C >. cU V'rO oN a N 3p � � V' O a N N � - a' �� - - � � �' oY3 ° y ° Q, a � � � , v Yo onua � .. ,. 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