With recent statistics revealing that Orlando’s family holiday home rental market is set to rise 6.1 per cent per month this year due to its growing leisure and hospitality industries, The Grove Resort and Spa is introducing its latest ‘all you could want’ holiday home destination project in the heart of Disney. The Grove Resort and Spa is designed to offer UK investors and year-round travellers a development that integrates all amenities and leisure facilities, and is fully and professionally managed by Benchmark Hospitality International, the premier hotel operator with resorts under management around the world.
For a limited time, buyers will have the option to sign up for the two-year developer lease back programme which will provide them with a 10 per cent gross return on investment (approximately eight per cent net return, as buyers pay 2 per cent taxes and insurance)* After this timeframe, owners will have the option to participate in the standard rental programme professionally managed by Benchmark Hospitality International. The Grove has started accepting contracts and deposits from buyers and closings will coincide with the resort opening, which is expected to occur in November 2016.
The development is approximately five minutes’ drive from Disney World’s west entrance and 40 minutes southwest of the Orlando International Airport. It is being designed as one of the world’s premier holiday destinations with recreational and leisure activities, suitable for both adults and children. This family-friendly destination can be enjoyed by holidaymakers year-round due to the optimum weather conditions in Florida.
The resort, which will include over 878 two and three bedroom units and a full offering of amenities, restaurants and leisure facilities, is set to reach completion in November 2016. The development is surrounded by significant tourist hotspots including Walt Disney World Resort, the Universal Orlando Resort, SeaWorld, Gatorland and Wet’n Wild Water Park as well as various museums and supermarkets.
Once the resort is ready for occupancy in November 2016, the resort, the Homeowner’s Association (HOA) and the rental programme will be managed on-site by Benchmark Hospitality International, a recognised global leader with more than 30 years’ experience in the development, management and marketing of upscale resorts, hotels and conference centres worldwide. Benchmark manages approximately $3 Billion in assets covering more than 5,000 rooms with 6,000 team members. This company will guide investors through the purchase every step of the way and will provide them with caring after sales support.
Benchmark Hospitality International will be located onsite to handle hotel and daily resort operations. Its involvement provides a convenience to owners and a standard of service excellence to hotel guests. Hotels in the Benchmark portfolio boast more than ten AAA Four-Diamond Awards, several Travel + Leisure World’s Best Awards/Top 500 Hotels as well as international recognition from Condé Nast Traveler and Forbes. With nearly 40 years of hotel development and management experience and over 5,000 rooms and 40 resorts, hotels and conference centers globally, Benchmark provides tremendous value for its owners. The company will coordinate and oversee all aspects of the rental programme on behalf of property owners, including sales and marketing of the resort, servicing the guests during their stay, cleaning and maintenance of the units, and compliance with state and county licensing and requirements. Because its management team is located onsite, they are available 24/7 to take care of both owners’ and guests’ needs, providing maximum efficiency and cost-effective services while maintaining the highest standard of quality.
Benchmark will coordinate and oversee all aspects of the rental programme on behalf of property owners, including sales and marketing of the resort and the units, servicing the guests during their stay, cleaning and maintenance of the units, and compliance with state and county licensing and requirements. Because its management team is located onsite, they are available 24/7 to take care of both owners’ and guests’ needs, providing maximum efficiency and cost-effective services while maintaining a high standard of quality.
David D’Ambrosio, director of operations for the developer, says: “Increasingly, more tourists are opting for resorts with full package facilities on-site to keep the whole family occupied during their holiday. It’s clear from the state of the overseas property market that UK buyers have a strong interest in second homes abroad, so we’re confident in putting forward The Grove Resort and Spa as a strong proposition for both investor and leisure buyers. The development’s facilities and the management company’s expertise are set to deliver a really attractive package for investors and guests. Since we’re anticipating more than 64 million visitors annually, this project has some very exciting opportunity prospects to bring to the international market.”
Investors can purchase a variety of two bedroom/two bathroom units (averaging 1400 square ft) starting at $264,000, and, three bedroom/two or three bathroom units (averaging 1540 square ft) from $309,900. All units come fully furnished and are equipped with a full kitchen, living room and a balcony. The developer is paying 12 per cent commission to participating brokers and real estate agents, and has a developer unit-leaseback program ensuring investors, as well as leisure buyers, experience a positive economic benefit from ownership.
The Grove Resort and Spa is designed as a 106-acre resort community overlooking the natural beauty of Lake Austin and surrounded by a natural park system with over 20 acres of lakes and ponds, hiking trails, bicycle paths, and electric vehicle paths. Guests can enjoy fishing from the dock surrounding the lake or ride in a canoe, kayak or electric motor boat.
Inside, the development features a wide range of facilities: multiple bars; restaurants; a convenience store market and a deli; a spa and fitness centre; children’s activity centre and arcade; lagoon pool; lazy river with poolside food and beverage service; a flow rider surf simulation pool; luxurious lobby with concierge service; a 7,500 square foot meeting/function space which accommodates up to 300 people, making it ideal for weddings, family reunions, sports team functions, corporate events etc.
Adults can also enjoy their own area which has three large pools, a hot tub and private cabanas, set apart from the action of the water park, providing a more relaxing and tranquil setting. All these amenities are aimed at offering guests a better quality of life just a few minutes away from Disney.
The optional rental programme offered at The Grove displays a feasible opportunity to generate revenue to help offset the cost of ownership. Guests are extensively marketed to both in the US and internationally, and the resort team, along with the onsite amenities and services, are designed to create memorable experiences that keep guests coming back. Turnkey rental management services are provided, making the process effortless for property owners.
The Grove Resort and Spa’s choice to present this opportunity to the UK reinforces the power of the strong pound and the buoyant state of the overseas property market.
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