Sunday, November 14, 2004

Condotels


Citizen's Voice of the Day

"It's no wonder we locals are hurting as far as making a living from the tourists and snowbirds. We don't offer them anything but dirt, trash, bad food, ridiculously high prices and lousy laws."


A current topic of discussion in this community and throughout the Keys is the beginning of a wave of conversions of hotels to condominium ownership with transient rental privileges. Here in Key West there are two such conversions planned, one already underway. The old Santa Maria Hotel, a 40 room property, at the corner of South and Simonton Streets has already been torn down and construction is about to begin on a number of larger units. The Holiday Inn Beachside at the intersection of U.S. 1 and North Roosevelt Boulevard is next on the list. They may wait for the end of the season to begin reconstruction, but it's going and will soon be gone.

I don't know very much about the economics of condotel ownership. This article from the KW Citizen today provides a pretty good summary of some of the forces behind this move and what reactions are to them by the city and county and by developers.

I'll be paying attention to this.

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