Resort Trends

Lewis M. Goodkin | 12/1/2004

- Golf is still considered one of the essentials for Florida's major resort operators like Disney, Four Seasons, Ritz-Carlton and Marriott. Many older resorts are upgrading their courses and adding amenities to remain competitive in the marketplace.

- In the future, the tighter land supply in Florida will require resorts to develop golf courses off-site (away from their properties). This is particularly true in high-end areas where land is costly and scarce. Typically, the resort will transport guests to courses 15 to 30 minutes away.

- Many resort developers have learned that they can generate buyers for real estate among people who have been introduced to their golf facilities through business meetings. The Ritz-Carlton in Naples, the Boca Raton Hotel and The Breakers in Palm Beach were early examples of resorts that had both on- and off-site golf facilities to accommodate both pleasure travelers and business meetings, which converted guests into real estate buyers.

- Resorts will increasingly provide multiple courses (on- and off-site) to compete and economically support such facilities with real estate sales.

- The pure resort without real estate is increasingly difficult to justify. Disney is one of the few examples where the sheer density of hotel and resort properties works without real estate. But even in resorts without pure residential development, the big hospitality flags are developing mixed-use projects with fractional ownership.

Tags: Around Florida