Home prices are rising and today’s mortgage holders are reaping the rewards. A reward of nearly $457 billion collectively, to be exact.According to Corelogic’s 2019 3rd Quarter Homeowner
A Hotel Building Boom is Underway in Brevard County
There are six major hotel projects underway right now in Brevard County, with even more planned for the near future. According to Eric Garvey, the Space Coast Office of Tourism Executive Director, this is a clear sign that the tourist and lodging market are very strong and posed for growth.
So, what’s fueling the demand for so many more hotel rooms in Brevard? Garvey believes the demand is driven by several factors, including the increase in cruise ships that depart from Port Canaveral. Hotel trends show people often opt to stay at a hotel the night before their cruise leaves so that they are not rushed to board.
Another part of the equation is the growing number of business people traveling to Brevard for local space programs and aerospace industries. Plus, this year the U.S. Specialty Sports Association’s youth and other amateur sports operations (USSSA) relocated to the Space Coast Stadium, drawing in additional year-round tourists.
Brevard County is incredibly attractive to tourists. For one, it’s home to so many beautiful Space Coast beaches, and it’s near Orlando. Cape Canaveral is to the south of Port Canaveral and to the north of Cocoa Beach, which is regarded as the number one vacation destination on the Space Coast. We are also right near the world-famous Kennedy Space Center and Cape Canaveral Air Force Station. According to Garvey, Brevard’s precise location is “a winning formula.”
“We’ve been discovered,” adds Tourist Development Council member Tom Williamson. Williamson is also the general manager at 2 Hilton hotels in the area. From his experience, he has found it’s all too easy to lure tourists in to Brevard; it has so much to offer it speaks for itself. In proof, Garvey estimates that at least $140 million in active hotel projects are ongoing throughout the city right now. By the summer of 2018, it’s estimated there will be an additional 700 hotel rooms available on the market. In case you’re wondering, our county is currently home to 8,846 hotel rooms.
Various hotel brands are behind the boom and hotels are being added all throughout the county, including in Cape Canaveral, Titusville, Melbourne and West Melbourne.
Comparing current figures with 2016 figures, the latest STR Inc. report shows that from January through May there was major growth in hotel demand. During this same time frame, hotel rates went up as did revenue per available room. According to Garvey, hotel companies carefully monitor the STR report to make decisions about how to proceed. The latest report points towards more investment in the development of hotels in the area.
When the 153-room Homewood Suites by Hilton opened for business last year, no other hotels in Cape Canaveral saw a decline in nightly rates. This proves there’s enough demand for hotel rooms to supply additional accommodations. Garvey says that this demand “kind of lit a fire under other development opportunities. The demand is so high. It's a sign of confidence in the market."
New Hotels in Brevard
The next hotel on the agenda is a SpringHill Suites by Marriott located in Cape Canaveral, just north of the Radisson Resort. Another Marriot hotel, a Fairfield Inn & Suites, is under construction right across the street from the main entrance to The Avenue Viera. The precise placement of this hotel has everything to do with the USSSA moving to the stadium, pretty much guaranteeing 75,000 guests per year, and 100,000 guests per year within the next 3 years.
Garvey says there could be at least 4 more hotels under construction in the near future, citing one in downtown Melbourne, a two-hotel complex in Palm Bay, and another hotel along US 1 in Titusville.
The Future of Hotels in Brevard
Current building codes in the area put some restrictions on hotel buildings regarding the height and density of buildings. This makes it difficult to construct more modern looking hotels. Yet, Garvey says Cocoa Beach city officials have been trying to work with developers on more flexible codes and potentially even making changes to the city charter to help facilitate the development of more projects.
Brevard Offers the Best of Both Worlds
As Brevard becomes more popular with tourists, real estate prices can only be expected to increase. Brevard offers everything you could want from a vacation destination or a full-time residence. Contact Curri Properties today to find your piece of paradise!