Longboat Key, Florida | September 18th, 2018 – Hotel investors are definitely convinced on the rosy prospects of the tourism sector in Sarasota. Along with other local realtors, we cheer this development that bodes well too in the potential marketing mileage it extends to luxury Sarasota condos for sale, given the strong traditional linkage between the real estate and travel trades.
Based on recent industry figures, the Sarasota area will have over 1,100 new hotel rooms this year. These increase in local accommodations is in anticipation of the continuing tourism boom in the region. During the fiscal year of 2017 (October 2016‒September 2017), tourist arrivals in Sarasota was estimated to have risen by 9.8 percent to 2.71 million visitors who delivered a total economic impact of $446.4 million.
Several Sarasota hotels are opening or have opened this year to bat for a share in the growth in tourist spending. This September, an Embassy Suites by Hilton is set to open its 180 suites on U.S. 41 near 2nd Street this September. On the Boulevard of the Arts, Sarasota Modern is set for a December inauguration of its 89 luxury rooms and high-end facilities all operated under the Marriot International banner.
Earlier this year, the 162-room Art Ovation Hotel was inaugurated on North Palm Avenue where several downtown residential condominiums are also located. Last year, the Westin Sarasota unveiled its new 255-room hotel which is adjacent to the new residential condominium VUE on the Sarasota bayfront.
Investor confidence on Sarasota was likewise manifested strongly in the banner sale of the Ritz-Carlton Sarasota this year. A Dallas-based real estate investment trust, Ashford Hospitality Prime, paid $171 million for the iconic Ritz-Carlton property on the bayfront with 266 guest rooms. The 18-story Ritz-Carlton building notably has 49 residential condos (Ritz-Carlton Residences) on the top eight floors, two residences of which our Judy Kepecz-Hays team has sales-listed.
Projects in the Pipeline
Still more hotel projects are in the pipeline, including a planned 140-room Hotel Laurent in east downtown Sarasota at a 0.95-acre parcel on 20 North Washington Boulevard. This proposed 10-story boutique hotel project is being pursued by Germain LLC, which is owned by a local investment banker, Ronald Gray.
A few blocks northeast of the planned Hotel Laurent, a similar development has been proposed on the corner of East Avenue and Fruitville Road. An application with the city of Sarasota has been filed by Tampa-based HG Management for the construction of a four-story, 131-room Marriot Hotel in this 2.1-acre site.
Significantly, other hotel and resort development projects have sprouted outside of the Sarasota downtown area, such as the much-publicized plan on the former site of the Colony resort in Longboat Key. Another plan that looms on the horizon is a $33-million proposal to renovate and expand the Bath and Racquet Club, a popular fitness facility at 2170 Robinhood Street off the South Tamiami Trail. Its project application includes the development of 150‒180 residences plus 27 for affordable housing.
All these investors putting up stakes locally are sure indications of an abundance of opportunities on our market that you too may want to avail of. Call us at 941.587.1700 to find out how we can help you sell or buy real estate in Sarasota and her islands.