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.”
The company last month 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 foreign capital.
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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