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The Grove Resort & Waterpark

The Grove Resort and Spa condominium-hotel Orlando’s vacation complex with a waterpark and surf simulator is located just minutes away from Walt Disney World. It opened its first building in March 2017. It consists of fully furnished two and three bedroom units in several buildings. The condominiums can be purchased – with and without mortgage loan. The owners can spend their vacations in their own units, and can rent the residences for short terms by an on-site management company. New management company is in place from January 14, 2020. The advantage of the condo-hotel is that the vacationers stay in a completely equipped suit with two or three bedrooms and bathrooms, a full kitchen and laundry room instead of one room or two connecting rooms. Also, there are many amenities to enjoy. The Surfari Waterpark at the Grove Resort and being close to Disney World magnet guests. The average occupancy rate in 2018 was 70%. On the weekends, the resort is often 100% occupied, and the guests stay there for several nights in a row. The Grove Resort and Spa also a well-liked venue for business meetings, weddings, and other events.

Suit types from $ 360,900:

Palm floorplan

Two bedroom, two bathroom suits, air conditioned (AC) area: 118 sq. m. (1265 sq. ft.), total with terrace 1338 sq. ft.

Birch floorplan

Two bedroom, two bathroom units, 129.6 sq. m. (1375q.sq. ft.) AC area, total 1448 sq. ft.

Jasmine floorplan

Three bedroom, two bathroom units: 130 sq. m. (1396 sq. ft.) AC area, total 1468 sq. ft.

Sable floorplan

Three bedroom, three bathroom, 143 sq. m. (1544 sq. ft.) AC area, total with terrace 1614 sq. ft

Cypress floorplan

Two bedroom, two bathroom suites, in Building 3: 133 sq. m. (1.434. sq. ft.) AC area, total with balcony is 140 sq. m.

Current units for sale:

Please see link below.

http://groveresidences.com/siteplan/

 

Leasing/renting opportunity:

The rental prices vary depending on the size of the units, the view, and the season. New management company took over the management of Grove Resort from January 14, 2020. The first and previous company was Benchmark Hospitality, one of the country’s largest management companies, managing hotels and similar properties in Florida and other states.


Income:

There is an option for the “Leaseback” program, when Grove is paying the rental income to the owners monthly, which is 10% of the purchase price starting from ownership of the unit until Dec. 31, 2020. Also pays the monthly HOA fee which includes the condominium’s electricity and water fee, the roof and exterior of the building with insurance, maintenance of all of the common areas (i. g., Surfari Water Park, pools, garden, fitness center, restaurants, game room etc.). The owner needs to pay the property tax and home insurance annually. Monthly payments by owner include 4% for the future refurbishment and occasionally some maintenance, for instance Air Conditioner maintenance, once a year. The owners can spend 14 days in their units in a year, except two period in high-season.

Example:

 

The other option for the owner is not to choose the “Leaseback” option, but getting the rental monthly income based on the units’ lease which can be somewhat more or less than the leaseback, and will vary a bit month to month. Also needs to pay the monthly HOA. However, the owners can spend as much time as they want in their own condominium and at any time.

Resort-style amenities await the owners and guests of The Grove Resort and Spa: concierge service, luxurious lobby, full-service restaurant, conference room, bar, spa and more. Outside a lagoon pool, lazy river, surf simulation pool, two-story slides etc. offer relaxation and fun for everyone in a magical environment. Also, the Disney World’s buses take vacationers from and to Disney from the front of the lobby several times a day.
The location of The Grove Resort and Spa is a great advantage, since Orlando’s attractions are nearby, such as Magic Kingdom, Hollywood Studios, Seaworld, Universal Studios, Epcot, Animal Kingdom, Legoland etc. Orlando has myriad of other attractions as well all year long. There were more than 105 million visitors in Orlando in 2018.

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