The Grove Resort & Spa condominium-hotel Orlando’s new vacation complex is located just minutes away from Walt Disney World. It opened in March 2017, and has an average 75-85% occupancy rate. 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 one of the country’s largest management companies. The advantage of the condo-hotel is that the vacationers stay in a completely equipped suit with two or three bedrooms and bathrooms, and a full kitchen instead of one room or two connecting rooms. Also, there are many amenities to enjoy. Grove’s Surfari Waterpark and being close to Disney World magnet guests. Thus, the rental rate is often 100%, and the guests stay there for several nights in a row.

Current units for sale:

Please see link below.

http://groveresidences.com/siteplan/

 

Leasing/renting opportunity:

Owners rent their residences for short term by one of the country’s largest management companies, managing hotels and similar properties in Florida and other states. (Benchmark Hospitality). The rental prices vary depending on the size of the units, the view, and the season, a larger unit with great view can reach $360 /night.

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 66 million tourists in Orlando in 2015).