La Quinta Del Sol com­ing to I-Drive

Orlando Sentinel - - BUSINESS - By Marco San­tana

A Mi­ami de­vel­oper will open a four-story La Quinta Del Sol ho­tel on In­ter­na­tional Drive in the sec­ond quar­ter of next year, a move to gain a foothold in the mar­ket as Or­lando tourism num­bers break records each year.

The $39 mil­lion, 53,094-square-foot ho­tel at 11545 In­ter­na­tional Drive will add 101 rooms to the re­gion, which has al­ready seen a record num­ber of avail­able ho­tel rooms this year.

Rivier­aPoint In­vest + De­velop CEO Ro­drigo Azpu­rua said the open­ing of the La Quinta, along with an­other 53,647-square-foot Tryp by Wyn­d­ham pro­ject ex­pected to open in 2020, is a di­rect re­sponse to tourism growth in Or­lando.

“Our ho­tels will help ac­com­mo­date the grow­ing num­ber of fam­i­lies com­ing to Or­lando ev­ery year,” he said in a news re­lease. “We are glad to be able to help meet that de­mand, cre­ate jobs and in­ject mil­lions of dol­lars in lo­cal and for­eign cap­i­tal into the Or­lando econ­omy.”

Of­fi­cials on Thurs­day cel­e­brated the ho­tel’s top­ping-off cer­e­mony, which marks the fi­nal beam be­ing placed on a con­struc­tion pro­ject.

The pro­ject also rep­re­sents a ma­jor in­vest­ment from a for­eign de­vel­oper.

Forty-five per­cent of the pro­ject will be funded through the fed­eral EB-5 im­mi­grant in­vestor pro­gram.

Rivier­aPoint has used that fund­ing mech­a­nism suc­cess­fully in mul­ti­ple South Florida ho­tels and of­fice build­ings.

The re­main­der of the La Quinta pro­ject will be paid for through a bank loan and pri­vate funds.

For the past sev­eral years, tourism in Or­lando has seen record num­bers, with the re­gion wel­com­ing 72 mil­lion vis­i­tors last year.

That growth has touched off a build­ing spree by ho­tel com­pa­nies.

At least 35 ho­tel ex­pan­sion projects have be­gun this year or are ex­pected to be­gin next year, with the work ex­pected to add nearly 7,000 rooms in Cen­tral Florida.

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