The developer behind a proposed hotel near Cochran Boulevard said it would be the first extended stay hotel in the country for the Radisson brand.
Called Park Inn Residences, it would also be an usual construction project at this time. That's because new hotel project starts are down 53% due to the pandemic, according to hotelmanagement.net.
The Charlotte County Planning and Zoning Advisory Board unanimously recommended a rezone for the project. County commissioners review the project on Nov. 24, said developer Alan Lane, president of Developmental Real Estate Solutions, LLC.
Lane's investment and development group needs a zone change before they can buy the four acres of vacant land from Edgewater United Methodist Church. The church bought part of a strip mall on Cochran for its sanctuary. They bought the part that was once a movie theater in the 1990s plus adjacent land for theater parking.
If passed, the zoning would permit the hotel and a restaurant. Lane wants his investors to close on the land by the end of the year, he said, and see construction begin in 2021.
Hotel occupancy crashed at the beginning of the pandemic. Some hotels closed, including a Park Inn in Toledo, OH. There are another six Park Inns throughout the U.S. and more internationally, but these are not extended stay, Lane said.
New hotel construction continued unabated for awhile after the pandemic started, according to travel industry analysts, but new projects are down as the travel industry faces an uncertain near future.
The pandemic may not be a problem, however, for extended stay hotels, Lane said. He cited the head of Starwood Hotels and Resorts, Barry Sternlicht. Sternlicht said in May that his extended stay hotels maintained occupancy at 85%. The rest of the hotel industry was down around 48% occupancy.
Lane said he foresees a Park Inn providing housing for construction workers, possibly for Sunseeker workers if that project ever starts up again. Rooms would be fairly large, he said, and cost about $70 a night.
"This is going to be for the average person," he said.
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November 09, 2020 at 01:00AM
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